DLF, One of India's Largest Real Estate Development Companies, Plans to Spend Around INR 3500 Cr in 4 Years on a Housing Project in Gurugram, Haryana

DLF to Spend Around INR 3500 Cr in 4 Years on a Housing Project in Gurugram, Haryana

New Delhi:

Indian Real estate development giant DLF will spend around Rs 3,500 crore over the next four years to build a new luxury home project in Gurugram in order to capitalise on the robust demand for residential real estate.

The Arbour is a 25-acre, 5-tower, 1,137-apartment complex that will be constructed by DLF. DLF, the biggest real estate company in the nation based on market capitalization, sold all 1,137 apartments, each costing Rs 7 crore or more, for approximately Rs 8,000 crore within three days (February 15-17).

DLF Ltd CEO Ashok Tyagi mentioned that they will construct an area of around 45 lakh square feet for this new project in Gurugram.

Given the promised facilities in this upscale property, he estimated that the construction costs would range between Rs 7,000 and Rs 8,000 per square foot. According to Tyagi, the entire cost of building has skyrocketed as a result of a rise in the cost of essential components like as cement and steel.

Aakash Ohri, executive director of the DLF group, said that the overall cost of building over the next four years would be approximately Rs 3,500 crore. This project, which is situated in Sector 63 on Golf Course Extension Road, was sold for Rs 18,000 per square foot by DLF.

Ohri observed that the price provided by DLF was more than the current market price of Rs 14,000 to 16,000 per square foot in the region.

In the new project, DLF will construct 1,137 identical, 3,950-square-foot 4 BHK homes. Both Tyagi and Ohri referred to the sales bookings in this project in such a short period of time as "historical" and "a record" in the Indian residential real estate market.

In response to a question on DLF's total sales bookings for the current fiscal year, Tyagi said that between April and December of this fiscal year, the business booked sales of over Rs 6,500 crore.

The overall sales bookings for 2022-23 could be close to Rs 15,000 crore, he said, based on this project's sales of over Rs 8,000 crore and other sales in other projects.

During the preceding fiscal year, the business generated revenues of Rs 7,273 crore. Tyagi said, with regards to DLF being India's largest real estate company in terms of sales bookings, they aim to continue to be the most profitable real estate company in India, with the largest margin on a sustainable basis.

Ohri said that the business intends to launch many projects in Delhi-NCR, Chennai, and the tri-city of Chandigarh in order to capitalise on the market's continued optimism.