DLF to develop Rs 8,000-crore ultra-luxury residential project in Gurgaon

New Delhi: Real estate giant DLF to invest across the country $8,000-crore investment in ultra-luxury housing project in Gurgaon to cater to strong demand for high-end homes.

Last month, DLF conducted the pre-launch of its ultra-luxury residential project ‘The Dahlias’ spread over 17 acres at DLF 5 in Gurgaon after obtaining all regulatory approvals and received good response from customers.

The project will develop approximately 420 apartments and is the second ultra-luxury project launched by DLF following the successful delivery of “Camellia”.

According to sources, DLF will invest approx. $The new project covering nearly 5 million sq ft will be constructed at a cost of Rs 8,000 crore over the next 4-5 years.

In a recent analyst call, DLF Managing Director Ashok Tyagi said the company expects $Based on current pre-launch prices, this new ultra-luxury project in Gurgaon will bring in revenue of Rs 26,000 crore.

“In RERA, what we are submitting now is $26,000 crore based on pre-launch prices. As prices continue to change, these numbers will obviously continue to rise,” Tyagi said in response to a query about the project’s revenue potential.

The minimum apartment size is 10,300 square feet.

Elaborating on the ultra-luxury project, Tyagi said the construction cost of the project will be very high, approx. $$18,000 per square foot due to expenditure on infrastructure, man-made lake and 400,000 square foot clubhouse.

The current selling price is approximately $1 lakh per square foot of carpet area.

Aakash Ohri, joint managing director of DLF Home Developers, a subsidiary of DLF, pointed out that the project will be much better than its previous ultra-luxury project The Camellias, which has seen few secondary market transactions in recent times. $An apartment costs 100 crore rupees.

“I’m extremely humbled by the response we’ve had to Dahlia so far. Today, people are looking for the best lifestyle money can buy, and ‘Dahlia’ is that choice today,” Ori told analysts.

He noted that once completed, the project will be regarded as one of the best luxury properties in the world.

Ohri hopes to repeat the company’s success with the Camellia project, producing approx. $Revenue stood at Rs 12,500 crore compared to initial estimates $70 billion rupees.

With the launch of this high-value project, DLF is confident of achieving its sales targets $17,000 crore in the current fiscal year.

The company has a strong launch pipeline in the second half of the financial year with plans to launch projects in Mumbai and Goa.

DLF reports a 66% increase in sales bookings $Revenues reached Rs 7,094 crore in the first half of the current fiscal due to strong demand for housing.

Its sales bookings are $4,268 crore in the same period last year.

Thanks to a strong first quarter, the company was able to grow sales bookings in the April-September period of the current fiscal year.

DLF’s sales bookings jump threefold to approx. $6,400 crore in the first quarter of this fiscal $20.4 billion in the same period last year.

However, in the second quarter of 2024-25, sales bookings fell 69% to $692 Crores Rs. $2,228 crore in the same period last year.

DLF noted in its latest investor presentation that “sales have slowed due to delays in approvals required for new product launches.”

DLF noted that the outlook for the residential sector remains strong and its housing business continues to perform stably.

It is the country’s largest real estate company by market capitalization.

The company is principally engaged in the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business).

DLF recently reported that its consolidated net profit more than tripled to $Revenue increased by Rs 1,381.08 crore in the second quarter of this fiscal year.

Its net profit is $622.78 crore in the same period last year.

Total revenue increased 48% $2,180.83 Crore during July-September FY 2024-25 $1,476.42 crore in the same period last year.

In the first six months of this fiscal year, the company’s net profit increased significantly to $2,026.69 Crores Rs. $1,149.78 crore in the same period last year.

Total revenue increased to $3,910.65 Crore for April-September Quarter 2024 $2,998.13 crore a year ago.

DLF has developed over 178 real estate projects covering over 349 million square feet.

It has 220 million square feet of residential and commercial development potential.

The group has an annuity portfolio of over 44 million square feet with annual rental income of approximately $50 billion rupees.