NEW DELHI: The sale of the entire luxury project in Gurugram, which included 1,137 apartments costing at least Rs 7 crore each, was announced by real estate giant DLF Ltd. on Thursday. This sale, which took place in just three days, raised over Rs 8,000 crore.
DLF CEO Ashok Tyagi and group executive director Aakash Ohri described the USD 1 billion in sales bookings in such a short period of time as “historical” and “a record” in the Indian residential real estate market in an interview with PTI.
Tyagi responded that DLF’s total sales bookings for the current fiscal year would be closer to Rs 15,000 crore than Rs 7,273 crore.
The largest real estate company in India by market cap is DLF.The project consists of 1,137 identical 4 BHK apartments, each measuring 3,950 square feet and featuring a range of opulent amenities and landscaping.
Over the next four years, it will only construct five towers totaling 38–39 stories on this 25-acre project.
According to Ohri, the business received applications from about 3,600 clients.
“We allotted flats through lottery system,” he said, noting that the purchasers had already paid a booking fee of Rs 800 crore.
Ohri emphasized that the majority of end users—typically the top and senior executives of major corporations—had purchased about 90% of the apartments.
NRIs (non-resident Indians) accounted for 14% of total sales.
Ohri responded, “It is the latent demand for the DLF product,” when asked what was causing the high demand.According to Ohri, the company initially planned to sell only 45% of its units in this quarter and the remaining units in the two following quarters.
The DLF CEO, Tyagi, noted that after the Covid pandemic, people are upgrading to larger homes.
He claimed that despite a limited supply, demand is high in Tier I and II cities.
According to Tyagi, the major, dependable players are gaining market share.
DLF reported to stock exchanges earlier in the day that it had “witnessed record-breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences The Arbour.
It is obvious that the highly aspirational DLF lifestyle is supported by the interest displayed by discerning homebuyers both domestically and abroad, he claimed.
DLF announced in January that it would launch