Aakash Ohri, the Joint Managing Director and Chief Business Officer of DLF Home Developers Ltd, anticipates a significant rise in the share of Non-Resident Indian (NRI) investments within the overall sales of listed real estate giant DLF Limited. Ohri informed Moneycontrol that this share is likely to escalate to approximately 20% in the ongoing fiscal year.
Ohri highlighted that Indian diaspora worldwide, including in the US, Middle East, South East Asia, Australia, and Canada, has actively purchased residences across various DLF projects.
“The growth in NRI investment share has been consistent, witnessing an increase from 14% of total sales in the previous fiscal year. I project a surge of 5-7 percentage points in the NRI investment share compared to the previous fiscal year, reaching an estimated 20% of the sales in the current financial year,” stated Ohri.
DLF previously announced its target sale bookings of about Rs 13,000 crore for this fiscal year, expressing confidence in achieving the set target. The company aims to launch multiple new projects by March 2024.
Highlighting the recent success, Ohri noted, “Out of 350 units, nearly 70 houses were purchased by NRIs in our recently introduced ‘The Valley Orchards’ low-rise premium residences in Panchkula. Around half of the NRIs invest in our projects for rental purposes, while others retain them for personal use.”
To cater to the Indian diaspora, DLF has established a dedicated team to ensure continuous engagement and updated information on DLF’s latest developments and the real estate industry as a whole.
“We strive to introduce them to our latest offerings and provide real-time assistance across all time zones to address their inquiries,” added Ohri.
Last October, DLF disclosed a consolidated net profit of Rs 629 crore in the second quarter of the fiscal year, marking a 29% year-over-year increase. The total income from operations slightly rose to Rs 1,476 crore in July-September 2023-24, from Rs 1,360 crore in the corresponding period of the prior year, as per regulatory filings.
The company recorded sales bookings of Rs 2,228 crore in Q2, accompanied by gross margins of 57%. Furthermore, DLF reported a net cash-positive status during the quarter, with an EBITDA of Rs 591 crore and a surplus cash generation of Rs 1,147 crore from operations.