Real estate giant DLF is reportedly launching a new luxury high-rise condominium comprising 1,100 dwelling units in Gurugram on Golf Course Extension Road.
According to reports, the real estate firm is eyeing a potential revenue of Rs 8,000 crore from the luxury housing project going forward.
The project is reportedly named Arbour and is located in Sector 63, Gurgaon. It will be spread across an area of 25.8 acres and comprises only five towers, which will be ground plus 39 floors. It will have 1,100 luxury condos.
The apartments are being offered at a base price of Rs 18,000 per sq ft and the size of each is 3,900 sq ft, reports claimed. The starting price of the 4BHK apartments is pegged at around Rs 7 crore and possession is expected by 2027. The project will also have a club house is spread across 1 lakh sq ft of space.
This will be DLF’s first high-rise housing project in Gurugram in almost 10 years. The last project which they completed was Crest and Camellias. Post these projects, the company was seen focusing more on generating cash by executing low-rise independent floors in DLF City, New Gurgaon and Panchkula.
About 25 per cent of the inventory will be launched in the first phase and clock in sales close to Rs 2,000 crore which is what the company had guided in the post-results call with investors and analysts, Money Control reported. The remaining phases will be launched in a staggered manner with considerable price hikes.
“We are planning to launch next month a premium residential project in Sector 63 Gurugram. The estimated sales realisation of this project will be around Rs 7,500 crore,” DLF Group Executive Director and Chief Business Officer Aakash Ohri told PTI.
“Demand for real estate across various price points is very strong, especially for products offered by trusted developers,” Ohri said.