The super-luxury residential project ‘The Dahlias’ has become the latest profit spinner for India’s largest real estate developer, DLF Limited, which has sold two penthouses for Rs 150 crore each in the Gurugram venture.
Akash Ohri, Joint Managing Director and Chief Business Officer, DLF, told Moneycontrol in an interview that the company has clocked sales of Rs 11,816 crore by selling 173 super-luxury apartments in just nine weeks of the pre-launch of The Dahlias.
The Dahlias, which is touted to be the most expensive residential project in India, is located near its already established luxury venture ‘The Camellias’ on Golf Course Road at DLF Phase-5 in Gurugram. The Dahlias is coming up on a 17-acre land parcel and has a development potential of 7.5 million square feet.
Ohri said that DLF’s latest super-luxury offering is being compared with offerings in foreign lands like Dubai and London.
“The Dahlias offer apartments in two sizes which include 10,000 sq ft and 12,000 sq ft while penthouses are available in sizes of 16,000 sq ft and 19,000 sq ft. The ticket price for super-luxury apartments that have been sold ranges between Rs 55 crore and Rs 125 crore while it goes Rs 150 crore and above for the penthouses. We have sold two penthouses each measuring around 16,000 sq ft for Rs 150 crore each,” Ohri told Moneycontrol.
Ohri said the company’s business continued its growth trajectory in Q3 FY25 and hit record new sales bookings of Rs 12,093 crore during the quarter.
“The Dahlias has performed exceptionally well as out of the Rs 12,093 crore, we have clocked whooping Rs 11,816 crore of new bookings from The Dahlias only by selling 173 apartments,” Ohri said.
He said that when computed per square feet in super luxury, the price point in The Dahlias is Rs 1.05 lakh per sq ft on carpet area – which is among the highest in the country – and above Rs 65,000 per sq ft on super area.
Who are the buyers?
Most of the buyers for these super-luxury offerings in The Dahlias are those who want to upgrade from existing DLF residential projects.
“People who have missed The Camellias bus initially have now endorsed The Dahlias. Around 40 percent of the buyers in The Dahlias are existing customers of Golf Links projects – which include The Camellias, The Magnolias, and The Aralias. Other buyers include NRIs, entrepreneurs, industrialists, HNIs (high networth individuals),” he said.
Ohri also said that the NRI contribution in The Dahlias so far has been around 12 percent.
He said that the DLF’s market has now been established at a price point of over Rs 100 crore per apartment in its super-luxury offerings and the company has “nurtured that market well”.
Ohri said that such record sales have also helped the company surpass its annual guidance of Rs 17,000 crore. The new sales bookings for the first nine months of the fiscal year stood at Rs 19,187 crore.
The apartments at The Dahlias were sold “by invitation only”. The project spreads over 17 acres and offers around 420 super-luxury residences across 29 levels and eight towers. The company plans to launch the project in three phases and the recent sale of 173 apartments culminates the first phase.
The Dahlias has a revenue potential of around Rs 35,000 crore, which is around 2.5 times that of The Camellias.
Post the Covid-19 pandemic, the demand for luxury and ultra-luxury homes has grown significantly and DLF has a track record of strong sales in luxury housing. In December 2024, DLF sold a 16,290 sq ft penthouse at The Camellias for Rs 190 crore, which is the costliest deal in terms of price per square foot across the country.
DLF Ltd on January 24 had reported a 62 percent year-on-year (YoY) jump in its consolidated net profit at Rs 1,055 crore for the quarter ended December 31, 2024.
The company’s consolidated revenue surged around 6 percent YoY to Rs 1,737.41 crore in the October-December 2024 quarter as compared to Rs 1,643.51 crore in Q3FY24.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
