DLF Shatters Real Estate Sales Records in Gurugram in FY24

Gurugram

DLF, India's premier real estate developer, has achieved a significant milestone, meeting its FY24 bookings guidance in just nine months. This success comes on the heels of an exceptional sale of apartments worth ₹7,200 crore in their latest project, DLF Privana South, located in Gurugram's Sectors 76 and 77.

Remarkably, the entire project was sold out within a mere 72 hours.

Nationwide and NRI Interest Fuels Sales

Aakash Ohri, DLF Group's Executive Director, revealed that the overwhelming interest in DLF Privana South came from across India, particularly from the NRI segment, which accounted for 20% of the sales. This nationwide appeal underscores the project's exceptional allure and DLF's strong market presence.

Exceeding Financial Targets

While Ohri refrained from disclosing the exact current bookings figure, he confirmed that the company has surpassed its full-year guidance. He hinted at the excitement surrounding a couple of other projects planned for Q4 but chose to keep the details under wraps for now.

Premium Pricing Reflecting High DemandThe average ticket size for the Privana project stood at ₹7 crore, with prices ranging between ₹6.25 crore and ₹7.15 crore. This premium pricing is indicative of the high demand and the project's luxury status.

Anticipating a Strong December Quarter

DLF is now expecting bookings worth ₹9,000 crore in the December quarter, buoyed by the successful launch of Privana and another project in Panchkula, along with a commercial launch in Gurugram. Ohri noted that bookings in the first two quarters were about ₹2,200 crore, but Q3 is expected to bring in approximately ₹9,000 crore.

Focus on End Consumers / Buyers

DLF has seen booking amounts of ₹50 lakh, a significant increase from the usual ₹5-10 lakh range, indicating serious commitments from end consumers. Ohri stressed that these sales are mostly to individuals who intend to move into these apartments, rather than to brokers, emphasizing the genuine consumer interest in DLF's offerings.

Expansive Project Pipeline Set 2024

Looking ahead, DLF anticipates a project pipeline exceeding ₹20,000 crore for the year, signaling robust growth and market confidence.

DLF's Stock Performance Reflects Realty Sector Boom

This update from DLF comes at a time when the Nifty Realty index is at its highest in 15 years, with most constituents trading near record highs. Brokerage firm Morgan Stanley has predicted that DLF's pre-sales for FY24 might cross the ₹20,000 crore mark, reflecting the company's strong performance and growth trajectory.