Riding high on the success of its super-luxury project The Camellias, listed real estate developer DLF Limited is planning to launch The Camellias 2 on Golf Course Road in DLF Phase-5 in Gurugram, having a sales potential of Rs 25,000 crore, Aakash Ohri, Joint MD and Chief Business Officer of DLF Home Developers Ltd, told Moneycontrol.
Ohri said The Camellias 2, which the company is also addressing as Lux 5, will be super-luxury residences and will be a ‘by invitation property’. It means buyers can purchase apartments in this project only on an invitation basis and the developer will review the customer profile before selling the unit.
The Camellias 2 project is spread across 17 acres of prime land in DLF Phase-5 and has a saleable area of around 5 million square feet.
“We are planning to launch the Lux5 or The Camellias 2 in DLF Phase 5 in the third quarter of the financial year 2024-25. The project will have around 420 super luxury apartments. We will launch and sale this project in two to three phases, which means that we may launch 50 odd apartments in the first phase and some in the second phase,” Ohri told Moneycontrol.
He said that this project will offer even more opulent amenities and bigger apartments as the starting size of a flat will be around 9,000 sqft while in The Camellias the starting size is around 7,000 sqft.
“Some apartments of The Camellias 2 will have lake view and some will have a view of Arawali hills. The prices of these super-luxury residence are expected to be reasonably higher than The Magnolias and The Camellias,” he said.
The cost of each apartment at The Camellias 2 will be Rs 50 crore upwards.
Goa project
Besides, DLF will also launch it another “by invitation” product in Goa where in the firm will launch 62 super-luxury villas on a 38-acre hill facing Mandavi river in Panjim. DLF is planning to launch the villa project in August 2024.
“The ticket size here will be around Rs 40 crore to Rs 50 crore. Expected topline for this project is around Rs 2,500 crore,” Ohri said.
Last week, DLF reported that it sold all 795 apartments for Rs 5,590 crore within three days of the launch of its new luxury housing project in Gurugram.
DLF on May 13 had reported a 61.5 percent jump in its net profit at Rs 921 crore for the quarter ended March 31, 2024. The company had posted a net profit of Rs 570 crore in the year-ago period, the firm said in a regulatory filing.
The company's net profit for the financial year 2023-24 stood at Rs 2,733 crore, reflecting YOY growth of 33 percent. DLF's revenue also surged nearly 47 percent YoY to Rs 2,135 crore in the January-March quarter compared to Rs 1,456 crore the firm reported in Q4FY23.
The firm said that in the entire financial year 2023-24 DLF's consolidated revenue stood at Rs 6,958 crore.
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