DLF Ltd, India’s top listed real estate developer, set a new annual sales record in the Indian real estate business in Financial Year 2023, ending March 31st, with cumulative new transactions of INR 15,058 crores.
The success of important project launches, such as the luxury residential offering, The Arbour, The Grove in Gurugram, among others, fuelled this extraordinary performance. DLF recorded NRI investor sales of approximately Dh861,180,000 in fiscal year 2022-2023.
NRI investment has historically played a critical part in DLF’s residential portfolio, with the majority of it generated by non-resident Indians (NRIs) from the Middle East region, followed by the United States, United Kingdom, and Singapore.
“When it comes to NRI investments in Indian real estate, the Gulf Cooperation Council (GCC) remains a key one,” says Aakash Ohri, executive director and chief business officer of DLF Group. Indian real estate has traditionally been a market with significant prospects for NRI investors from the GCC countries.
The NRI community has a unique opportunity to transform their hard-earned overseas wealth into successful investment prospects in India through residential real estate. We have witnessed an increase in the number of NRIs wants to buy a home in India over the last few years, and repressed demand has begun to surface.
Furthermore, NRIs in the Middle East are bullish on the Indian market, and special provisions such as a simplified tax regime, indexation benefits, lower house loan interest rates, favourable currency movement, and digitisation of procedures entice them to invest their surplus funds in India.
The Arbour, DLF’s luxury residential offering in Gurugram’s Sector 63, was completely sold out during the pre-formal launch period, contributing to sales bookings of more than 8,000 crore).
In Financial Year 2023, sales bookings at The Grove in DLF 5, Gurugram, a low-rise premium property with 292 apartments on plot sizes ranging from 225-539 square metres, totaled Dh805,200,000.
The Valley Gardens in Chandigarh tri-city contributed Dh495,175,000 in sales bookings for Financial Year 2023, as did Garden City Enclave in New Gurgaon, which contributed Dh463,000,000.
The Valley Gardens is a luxury housing development in Panchkula, Haryana. It is located in the Shivalik foothills, with breath taking views of the Morni Hills and the Shivalik range.
DLF aims to launch 11.2 million square feet of projects in 2024 with a sales potential of more than Dh8.61 billion, according to top officials.