New Delhi: Realty major DLF Ltd on Thursday announced the sale of its entire luxury project in Gurugram, comprising 1,137 flats each costing Rs 7 crore and above, for over Rs 8,000 crore within three days, reflecting a strong demand for premium flats across major cities.
Luxury housing is booming in India. A record 65,700 luxury housing units were sold in 2022, thanks to rising disposable incomes and a surge in demand after the Covid-19 pandemic, especially, developers say, for spacious apartments with conveniences like concierge services and spas.
In an interview, DLF CEO Ashok Tyagi and group executive director Aakash Ohri described the sales bookings of $1-billion within such a short span as “historical' and “a record” in Indian residential real estate market.
Asked about the overall sales bookings of DLF in the current fiscal, Tyagi said it would be around Rs 15,000 crore as against Rs 7,273 crore in the previous year.
DLF, which is India's largest realty firm in market cap, will most likely become the biggest player during this fiscal in terms of sales bookings as well.
After a gap of 10 years, DLF last month pre-launched a group housing project, ‘The Arbour’, on Golf Course Extension Road, Sector 63, Gurugram. “We have sold the entire project within 3 days (February 15-17) of pre-launch for more than Rs 8,000 crore,” Ohri said, adding that the project was to be formally launched on February 24.
The project comprises 1,137 identical 4 BHK apartments, each of 3,950 square feet, with various luxury amenities and greenery. It will build only five towers (38-39 storeys) in this 25-acre project over the next four years.
Ohri said the company received applications from around 3,600 customers. “We allotted flats through lottery system,” he said, adding that the booking amount worth Rs 800 crore has already been received from the buyers. Ohri highlighted that around 90 per cent of the flats have been purchased by end-users, predominantly by top and senior executives of big corporate firms.
