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To meet the growing demand for residential and commercial developments, real estate giant DLF intends to introduce buildings valued at around Rs 80,000 crore over the course of the next three to four years.
During 2022–2023 DLF, the largest real estate company in the country by market capitalization, sold homes valued at Rs 15,000 crore. Based on sale bookings recorded in the first three quarters of the current fiscal year, the company is expected to surpass this amount.
DLF plans to open 10 million square feet of space with a potential income of Rs 32,000 crore in the upcoming fiscal year, according to a presentation given to investors. An further 22 million square feet have been identified, with a projected income of Rs 46,850 crore for the fiscal year 2024–25 and beyond.
Record-Breaking Sales: DLF’s Journey from Rs 15,000 Crore to Projected Heights
Over the next three to four years, residential projects mostly in the premium and ultra-luxury classes will be put up for sale. The company’s primary emphasis areas will be Chennai, Mumbai, Goa, and Delhi-NCR.
Chief Financial Officer (CFO) of DLF Group Vivek Anand recently informed analysts that the steady demand momentum in all segments is still positive. “Therefore, we have identified a fresh pipeline of new products of about 32 million square feet with a sales potential of around Rs 79,000 crore, which is more than double of what we have delivered during the last 3 to 4 years and is in line with our plans of scaling up the business,” he stated.
According to Anand, the business plans to start these projects in the upcoming three to four years. “There are a few key launches that we are working on for the next 12 to 15 months are products in Gurugram, Chennai, Goa, and the first phase of our Mumbai project,” he stated.
DLF Aims To Open 10 Million Square Feet, Anticipating Rs 32,000 Crore In The Upcoming Fiscal Year
The second wave of the COVID-19 pandemic in 2021 caused a substantial spike in demand, which is why DLF plans to grow its residential business. There has been a high demand for housing in major cities’ primary (first sale) markets. The players with a strong track record of completing projects for clients are also seeing an increase in demand.
DLF’s sale bookings quadrupled yearly to Rs 13,316 crore in the first nine months of this fiscal year, riding on this rise in demand. The company’s sale bookings for the April–December quarter of the previous fiscal year were Rs 6,599 crore.
DLF Targets Premium And Ultra-Luxury Residential Projects In Chennai, Mumbai, Goa, And Delhi-NCR
Compared to the same period last year, when sales bookings were Rs 2,507 crore, the business recorded a more than three-fold growth to Rs 9,047 crore in the December quarter. This is the company’s greatest quarterly sales booking to date.
Sales of 1,113 opulent homes in Gurugram, which were pre-launched in late December and sold for Rs 7,200 crore in three days, were the primary driver of the third quarter’s record selling bookings.
Financial Triumph: DLF’s Soaring Sales Bookings and Impressive Q3 Performance
In terms of financial performance, DLF stated that during the December quarter, consolidated net profit increased by 27% to Rs 655.71 crore thanks to increasing revenue and decreased expenditures.
It made Rs 517.94 crore in profit the previous year. In the third quarter of the current financial year, total combined income increased to Rs 1,643.51 crore from Rs 1,559.66 crore during the same time period in the last year.
Approximately 215 million square feet might be developed in DLF for both residential and commercial purposes. The firm owns more over 42 million square feet in its annuity portfolio.
Source-ET
