DLF, a prominent real estate developer, is gearing up to unveil a high-end residential project in Gurugram’s sector 76, adjacent to the Southern Peripheral Road (SPR), with an anticipated revenue ranging between Rs 8,000 crore and Rs 10,000 crore, according to industry insiders familiar with the matter.
The formal launch is expected to take place in January 2024, marking a significant residential venture for DLF following the success of ‘The Arbour’ earlier in the year.
The luxury project is projected to feature residences in the price range of Rs 17,000 to Rs 18,000 per square foot, offering around 1,100 premium living spaces. Apartment prices are estimated to start from Rs 7 crore to Rs 8 crore.
This development also signifies DLF’s first foray into the SPR area of Gurgaon, indicating a strategic move to diversify beyond its existing luxury and super-luxury residences along the Golf Course Road in Gurugram.
Insiders suggest that this expansion aligns with DLF’s broader vision of establishing an integrated township sprawling across 120 acres in Gurugram, named ‘Privana,’ with the luxury project likely to be designated as ‘Privana South’ within this comprehensive ecosystem.
Sources reveal that the upcoming project is considered phase-2 of the previously launched ‘The Arbour’ and is expected to cover 25 acres.
In terms of financials, DLF reported a consolidated net profit of Rs 629 crore in the second quarter of the fiscal year, indicating a 29 percent year-on-year increase. Total income from operations rose to Rs 1,476 crore in July-September 2023, up from Rs 1,360 crore in the corresponding period of the previous year.
DLF’s sales bookings in Q2 reached Rs 2,228 crore, boasting gross margins of 57 percent. The company achieved a net cash-positive status during the quarter. In an October 31 regulatory filing, DLF expressed its aim to achieve sale bookings of approximately Rs 13,000 crore for the fiscal year, propelled by robust demand and the launch of several new projects by March 2024.
Earlier in the year, DLF’s luxury high-rise housing project, ‘The Arbour,’ achieved remarkable pre-launch sales exceeding Rs 8,000 crore, selling out completely before the official launch.