Listed real estate company DLF witnessed pre-formal launch sales of approximately Rs 7,200 crore for its latest high-end luxury residential development, DLF Privana South in Gurugram. The project was sold out completely within 72 hours in its pre-launch phase, the company said in a regulatory filing.
The luxury housing project ‘DLF Privana South’ spreads across about 25 acres in sectors 76 and 77 in Gurugram abutting Southern Peripheral Road (SPR).
Moneycontrol was the first to report on DLF's expected revenue for DLF Privana South luxury project last month.
“This exclusive enclave will comprise 1,113 meticulously designed luxury residences across seven towers, presenting 4 BHK apartments and penthouses. The project offers a majestic view of the Aravalli range and in the vicinity of the upcoming Safari Park spread over 10,000 acres. This luxury residential offering by DLF was sold out within 72 hours, in its pre-launch phase,” the company said in its filing.
‘DLF Privana South’ will be part of a larger development ‘DLF Privana’ spread over approximately 116 acres in Sectors 76 and 77, it said.
Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd., said that the swift pre-launch sell-out shows the increasing demand for high-rise luxury developments by DLF.
“To discourage bulk bookings, each buyer was allotted only one unit and a booking amount of Rs 50 lakh, as opposed to the industry standard of Rs 10 lakh. About 25 percent of this sales came from Non-Resident Indians (NRIs). The average ticket price for one apartment is around Rs 7 crore,” Ohri told Moneycontrol.
Earlier in March 2023, DLF’s luxury housing project ‘The Arbour’ had witnessed record breaking pre-formal launch sales of more than Rs 8,000 crore. It was sold out completely before the official launch.
DLF Privana South signifies the company’s entry into the SPR region, which is emerging as the new focal point of the city amid the convergence of flourishing businesses. The project is positioned strategically near the confluence of SPR, NH-48, Dwarka Expressway and Central Peripheral Road (CPR).
DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 million square feet of development potential across residential and commercial segment. The group has an annuity portfolio of over 42 million square feet, the company said.
DLF is primarily engaged in the business of development and sale of residential properties (Development Business) and the development and leasing of commercial and retail properties (Annuity Business).
The company's sales bookings touched Rs 2,228 crore in Q2 with gross margins at 57 percent. DLF achieved net cash-positive status during the quarter. In a regulatory filing on October 31, DLF had said it was targeting sale bookings of about Rs 13,000 crore during this fiscal on the back of strong demand and will launch several new projects by March 2024.
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