DLF to invest around Rs 3,500 crore in next 4 years to construct housing project in Gurugram – Times of India

NEW DELHI: Realty main DLF will make investments round Rs 3,500 crore over the following 4 years to assemble a brand new luxurious housing venture in Gurugram as its seeks to faucet robust demand for residential properties.
DLF will develop a brand new group housing venture ‘The Arbour’, which is unfold over 25 acre and includes 5 towers with a complete of 1,137 premium flats.
DLF, the nation’s largest actual property agency when it comes to market cap, offered all 1,137 items, every costing Rs 7 crore and above, for over Rs 8,000 crore inside 3 days (February 15-17).
In an interview with PTI, DLF Ltd CEO Ashok Tyagi stated, “We’ll develop round 45 lakh sq. toes space on this new venture.”
Requested concerning the building price, he stated it will likely be between Rs 7,000-8,000 per sq. toes given the facilities promised on this luxurious venture.
Tyagi stated the general building price has shot up as a consequence of enhance in costs of key supplies like cement and metal.
The entire building price can be round Rs 3,500 crore over the following 4 years, DLF group govt director Aakash Ohri stated.
DLF offered flats at Rs 18,000 per sq. toes on this venture, which is situated in Sector 63 on Golf Course Extension Highway.
Ohri famous that the speed quoted by DLF was increased than the prevailing market value of Rs 14,000-16,000 per sq. toes on this space.
DLF will construct 1,137 similar 4 BHK flats, every of three,950 sq. toes measurement, within the new venture.
Each Tyagi and Ohri described the gross sales bookings on this venture inside such a brief span as “historic’ and “a report” within the Indian residential actual property market.
Requested concerning the total gross sales bookings of DLF within the present fiscal, Tyagi stated the corporate had achieved gross sales reserving of over Rs 6,500 crore throughout April-December interval of this fiscal yr.
With gross sales of greater than Rs 8,000 crore on this venture and miscellaneous gross sales in different tasks, he stated the full gross sales bookings in 2022-23 ought to be near Rs 15,000 crore.
The corporate had clocked Rs 7,273 crore value gross sales bookings within the earlier monetary yr.
On DLF more likely to develop into India’s greatest realty agency this fiscal when it comes to gross sales bookings, Tyagi stated: “We’re not in that race. We’ve by no means form of tried to be on the treadmill of, are we the very best or not.”
“We need to proceed being probably the most worthwhile actual property firm within the nation, with highest margin on sustainable foundation,” the DLF CEO asserted.
Stating that market sentiments stay robust, Ohri stated the corporate has plans to launch many tasks in Delhi-NCR, Chennai and tri-city of Chandigarh to encash this surge in demand.
DLF has licensed land parcels in these areas and can launch it after taking vital approvals, Ohri added.
Tyagi, the DLF CEO, famous that individuals are upgrading to larger houses, particularly after the Covid pandemic.
He stated the demand is powerful throughout tier I and II cities amid tight provide.
Tyagi stated the massive trusted gamers are gaining market shares.
DLF has two verticals — improvement enterprise which is housing and rental enterprise the place it builds industrial tasks (workplace and malls) after which gives them on lease to corporates and retailers.
Thus far, the corporate has developed greater than 153 actual property tasks and an space in extra of 330 million sq. toes.
DLF Group has 215 million sq. toes of improvement potential throughout the residential and industrial segments.
Lease-yielding industrial property are largely held by DLF Cyber Metropolis Builders Ltd (DCCDL), which is a three way partnership between DLF and Singapore sovereign wealth fund GIC.
DLF holds practically 67 per cent stake within the three way partnership.