DLF is planning to introduce an upscale residential venture in sector 76 in Gurugram, near Southern Peripheral Road (SPR), estimated to generate revenue between Rs 8,000 crore and Rs 10,000 crore, as per sources familiar with the matter.
The formal launch is anticipated in January 2024 and is anticipated to be DLF’s major residential release after ‘The Arbour’ earlier this year.
The project is projected to enter the market in a price range of Rs 17,000 to Rs 18,000 per square foot, offering ultra-luxurious homes. It aims to offer around 1,100 high-end residences, with individual apartment prices expected to start from Rs 7 crore to Rs 8 crore.
Additionally, this marks DLF’s first foray into the SPR region of Gurgaon, expanding beyond its existing luxury residences along the Golf Course Road in Gurugram.
Insiders shared that this expansion aligns with DLF’s broader vision of developing a 120-acre integrated township in Gurugram, named ‘Privana’. The specific project within this ecosystem is likely to be named ‘Privana South’.
This upcoming project is also perceived as phase-2 of the previously launched ‘The Arbour’ and is estimated to cover an area of 25 acres.
Regarding DLF’s recent financial performance, in the second quarter of this fiscal, the company reported a consolidated net profit of Rs 629 crore, up by 29 percent year on year (YoY). Total income from operations increased to Rs 1,476 crore from Rs 1,360 crore in the corresponding period of the previous year.
DLF achieved sales bookings of Rs 2,228 crore in Q2, with gross margins at 57 percent, reaching a net cash-positive status during the quarter. The company aims for sale bookings of approximately Rs 13,000 crore in this fiscal year, propelled by strong demand, and plans to unveil multiple new projects by March 2024.
Earlier this year, DLF’s luxury high-rise housing project ‘The Arbour’ achieved remarkable pre-launch sales surpassing Rs 8,000 crore, completely selling out before the official launch.