March 4, 2024
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DLF to roll out super luxury projects
Realty developer DLF has planned to launch 10 million sq ft in FY25, anticipating revenue of Rs.24,200 crore, as it plans to build properties in Chennai, Goa and Mumbai besides its primary markets of Gurugram and Panchkula.
About 5.8 million sq ft of the development will be in the super luxury segment fetching DLF Rs.24,200 crore, the company told investors recently. “There is tremendous potential both from the point of view of luxury and super luxury across geographies and in order of launches, we are starting with Gurugram and after two launches here, we will move to Mumbai and Chennai,” said Aakash Ohri, joint managing director and chief business officer at DLF Home Developers during the call.
In Gurugram, DLF is expected to launch phase 2 of Privana after the first phase was sold out within days of the launch. In addition, it plans to launch a super luxury project in DLF-5, where the current market rate for its project has already reached Rs.100,000 per sq ft.
Its Chennai and Goa projects will also be in the luxury segment and the developer is re-entering the Mumbai market in FY25.
“Residential real estate has become a priority. We should look at the young generation that preferred to live on rents, but I see a major shift from year 30 onward,” Ohri said.
DLF posted a 26% increase in December quarter net profit, benefitting from record bookings helped by multiple project launches.
The company clocked a net profit of Rs.648 crore for the quarter and sales bookings of Rs.9,047 crore.
