DLF, the country’s largest real estate developer, plans to launch residential projects worth nearly Rs. 20,000 crore in Gurugram, Panchkula, Chennai, and Mumbai this fiscal year. Aakash Ohri, the company’s Joint Managing Director and Chief Business Officer, revealed that the projects include a super-luxury residential property in DLF 5, Gurugram, a high-rise luxury residential development in the heart of Chennai, a mid/high-rise in New Gurugram, Sector 76/77, and a residential low-rise in Chandigarh Tri-city.
We have a couple of high-rise launches planned for Gurugram. One is a mid segment and one is a super luxury segment expected to be launched in Q3 and Q4. A mid-segment independent floors project is expected to be launched in Panchkula in the coming quarters. The Mumbai project is also expected to be launched in Q4. The project in Chennai is likely to be launched in Q4 or Q1; it is in the design and approval stage right now. A portion of OneMidtown in Delhi (one tower) is expected to be launched in Q3 or Q4.
Aakash Ohri, Joint Managing Director and Chief Business Officer – DLF
As far as estimated sales bookings are concerned, “we are maintaining our guidance of Rs 12,000 crore that we have given to the market. We are expecting healthy demand for the Gurugram launches in the super luxury and mid segments. We are hoping to achieve close to Rs 4,000 crore to 5000 crore from Gurugram’s sales bookings,” he said.
Work on the Mumbai project is going on, he said.
The Goa project expected in Panjim may come up next fiscal, he said.
In February this year, the company sold Rs 8,000 crore worth of flats within three days in its new project ‘The Arbour’ at Gurugram.
“The Arbour has had a spiralling effect across the NCR market. Projects have now started trending at Rs 10 crore a unit. This reveals a lot about buyers in other cities. There is a latent demand but no options. It also shows that we are perhaps taking our customers for granted. We are deciding for them. There is certainly demand for The Crest type of product in other cities. People have aspirations. Give them the options and they will lap it up,” he told Moneycontrol.
As far as Delhi is concerned, it’s high time the city went vertical, he said. “Delhi needs high-rises. It is the need of the hour due to the infrastructure issues.”
DLF will be launching two luxury projects in Gurugram in the second half worth Rs 15,000 crore, he said.
Among the launches include two projects in Gurgaon, with an upcoming super-luxury residential project in DLF 5, a high-rise luxury residential development in Chennai, and a residential low-rise in Chandigarh Tri-city, he said.
NRI investments
Demand for residential projects from non-residential Indians is now back. “We are close to 15 to 20 percent of the NRI segment. Earlier, thanks to project delays, the NRI community kept their distance, now they want to keep a foot in the door. They are investing across India,” he said.
DLF and Gadar
Ohri had told Moneycontrol in February that its then newly-launched luxury housing project in Gurugram, The Arbour, is a blockbuster hit like Pathaan. The project had sold out all 1,137 units — priced at Rs 7 crore and above — for over Rs 8,000 crore within just about three days of launch.
“Our stock recently touched Rs 500 coinciding with blockbuster Gadar entering the Rs 500 crore club at the domestic box office,” he added.
