Despite a drop in sale bookings in the quarter ended September 30, listed real estate developer DLF Limited is confident to meet its sales guidance for the current financial year even as the company said that it has a strong pipeline and new products across various segments.
Ashok Tyagi, Chief Executive Officer (CEO), DLF said that the outlook for the residential business continues to be strong and the development business continues to exhibit steady performance.
He said that new sales bookings during the quarter were down to Rs 692 crore mainly due to delay in receiving the requisite approvals for new product launches.
“We are strongly poised to achieve our sales guidance. We have strong launch and sales pipeline. Flurry of the activity is happening on the rental business of the company as well. We are very confident of achieving Rs 17000 crore mark in this fiscal. The approvals for our super luxury project The Dahlias at DLF 5 in Gurugram have come in the early part of this quarter,” Tyagi said in an analyst call on October 26.
Tyagi said that the launches of projects in Mumbai, Goa and the next phase of Privana in Gurugram are also on track as the approvals for these projects are also in an advanced stage.
DLF has given sales guidance of Rs 17,000 crore for the financial year 2024-25. In the second quarter of FY 2024-25, the sales bookings witnessed a fall of around 69 percent to Rs 692 crore from Rs 2,228 crore a year ago.
Akash Ohri, Joint MD and Chief Business Officer DLF Homes said that there was no delay on part of launch of DLF’s super-luxury housing project The Dahlias and it is expected to be formally launched soon.
Talking about the high price point of apartments in The Dahlias which is being compared to luxury flats in Mumbai, Ohri said, “There is no more south and north kind of divide in luxury housing in India. Dahlias is one of the largest and best luxury housing project in the country. We (The Dahlias project) are already in the market (as soft launch) and have got good enquiries and EOIs (expression of interest) for The Dahlias. Reasonable amount of sale is expected from The Dahlias in Q3FY25,” he said.
Ohri added that the company has got a very robust three-year plan Gurugram, which also includes next phase of Privana ecosystem. He said that it has a strong launch pipeline of new products across various segments and geographies including Gurugram, Mumbai, Goa and Chandigarh Tri-city.
In the first half of the current fiscal, DLF's cumulative sales bookings have increased 66 percent to Rs 7,094 crore as compared to Rs 4,268 crore in the year-ago period.
Also Read: DLF Q2 results: Net profit rises 121% to Rs 1,387 crore
DLF Ltd on October 25 reported a 121 percent YoY jump in its consolidated net profit at Rs 1,387 crore for the quarter ended September 30, 2024. The company had posted a net profit of Rs 628 crore in the year-ago period, the company said in a regulatory filing.
DLF's consolidated revenue surged 48 percent YoY to Rs 2,181 crore in the July-September 2024 quarter as compared to Rs 1,476.42 crore in Q2FY24.
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