DLF targets Rs 1,300 crore sales realisation from new project in Panchkula

Listed real estate firm DLF Ltd has launched a new 34-acre project Valley Gardens at Panchkula in Haryana and is targeting around Rs 1,200 to Rs 13,00 crore from the independent floors project.

"We are developing 424 independent floors in this project. The construction work will start this quarter and the project will get completed in the next three years," DLF's Group Executive Director and Chief Business Officer Aakash Ohri told Moneycontrol

There will be four floors on 500 square yards plots that will be spread across 3,500 square feet area each. Each floor will be priced at around Rs 3 crore, he said, adding the total development will be spread across 1.8 mn sq ft.

“We expect a sales realisation of about Rs 1,200 crore to Rs 1,300 crore from this project," Ohri said.

Spread over 34 acres (13.76 hectares), with a limited collection of only 424 luxury independent floors, The Valley Gardens supplements the existing 175-acre site of The Valley and is home to over 1,400 families. The Valley Gardens offers residences with 4 bedrooms and a study, on independent floors, with a uniform plot size of 500 sq. yards (418.75 sq. mtrs).

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“In the past two years, we have witnessed a phenomenal response to low-rise independent floors by buyers in the Delhi NCR region. Add to it, the location of The Valley Gardens, at the foothill of the Shivalik range, where the green valley offers fresh and pure air, rare in most metros,” Ohri said.

The company has other projects in the luxury space lined up in the area as well, Ohri added.

The project has been designed by architect Hafeez Contractor.

Residences at The Valley Gardens will come with stilt parking and four floors, and a sizeable basement with a dedicated staff room, as well as a storage area for each unit.

He noted that independent floors have always been in demand in North India. For this project, the company expects demand to come in from the working population, businessmen and NRIs. “Earlier, people residing in Gurgaon would invest in the same city. For our Chennai project, 20 percent of our business has come from North India,” he said.

Asked if the company is planning to launch residential projects in Noida as well, he replied “We have our options open. We will be launching in Goa, Panchkula, Hyde Park in New Chandigarh and Gurgaon. These would be a mix of luxury floors, villas and high-rises,” he added.

The company is targeting a 10 percent growth in its sales bookings to about Rs 8,000 crore this fiscal. Its sales bookings jumped to Rs 7,273 crore in the 2021-22 fiscal from Rs 3,084 crore in the previous year.