| Work Detail |
Realty giant DLF is set to invest approximately ?8,000 crore to develop an ultra-luxury housing project named The Dahlias in Gurugram, capitalizing on the increasing demand for premium homes. The project, spanning 17 acres at DLF 5, was pre-launched last month following the receipt of all regulatory approvals, and has already garnered a positive response from potential customers.
The new project will feature around 420 apartments, marking DLFs second ultra-luxury offering after the successful launch of The Camellias. Over the next four to five years, the company plans to invest in constructing nearly 50 lakh square feet of residential space.
DLFs Managing Director, Ashok Tyagi, shared in a recent conference call with analysts that the projected revenue from The Dahlias could reach ?26,000 crore based on current pre-launch pricing, indicating a potential for price increases in the future. The minimum size for the apartments is set at 10,300 square feet, and the estimated construction cost is around ?18,000 per square foot, driven by significant infrastructure investments, including an artificial lake and a 4 lakh square feet club.
The selling price for the apartments is expected to be around ?1 lakh per square foot of carpet area. Aakash Ohri, Joint Managing Director of DLF Home Developers, expressed confidence in the project, highlighting the favorable response so far and the aspiration for The Dahlias to be among the best luxury properties globally.
DLF aims to replicate the success of The Camellias, which exceeded initial revenue estimates, generating around ?12,500 crore. The company remains optimistic about achieving its sales guidance of ?17,000 crore for the current fiscal year, supported by a robust pipeline of projects in Mumbai and Goa.
In the first half of the fiscal year, DLF reported a 66% increase in sales bookings, reaching ?7,094 crore, driven by strong demand for housing. However, sales bookings in the second quarter experienced a decline, attributed to delays in receiving approvals for new product launches. Despite this, DLF continues to view the residential segments outlook as strong, reaffirming its position as Indias largest real estate firm by market capitalization. |
