India’s foremost real estate giant, DLF, has achieved a monumental feat by selling all 795 apartments in its new luxury housing project in Gurugram for a staggering Rs 5,590 crore within a mere three days of its launch. The company, in a regulatory filing, announced the successful debut of its latest luxury residential venture, ‘DLF Privana West’, boasting an impressive sellout valued at approximately Rs 5,590 crores.
Spanning across 12.57 acres, the project comprises 795 opulent apartments, with an average selling price of approximately Rs 7 crore per unit. Earlier this year, DLF had set a precedent by selling 1,113 luxury apartments in Gurugram for Rs 7,200 crore within the same three-day window during the launch of its project ‘DLF Privana South’, which sprawls over 25 acres.
Both ‘DLF Privana West’ and ‘DLF Privana South’ are integral components of the 116-acre township ‘DLF Privana’, strategically located in Sector 76 and 77 at Gurugram, Haryana. The overwhelming response from consumers, including Non-Resident Indians (NRIs), reflects a robust demand for ultra-luxurious homes.
Sources reveal that DLF received Expression of Interests (EOIs) from approximately 1,550 to 1,600 customers, nearly double the total units offered in the new project. NRIs accounted for around 27% of the total 795 units sold, indicating their growing interest in premium housing projects in Gurugram for both rental income and capital appreciation.
Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers Ltd., expressed his delight at the success of ‘DLF Privana West’, following the triumph of ‘DLF Privana South’. He emphasized the project’s meticulous design, aimed at meeting the aspirations of discerning homebuyers for spacious, luxurious abodes within a vibrant, well-connected community.
Despite the challenges posed by the COVID-19 pandemic, DLF continues to witness remarkable success in the real estate market, driven by pent-up demand and rising aspirations for homeownership across India’s top seven major cities. The company’s commitment to timely project execution has earned it the trust of consumers, further solidifying its position as India’s leading real estate developer in terms of market capitalization.
With a legacy spanning over 158 real estate projects and a development area exceeding 340 million square feet, DLF Group remains at the forefront of the industry, with a future development potential of 215 million square feet across residential and commercial segments. DLF’s core business revolves around the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business), underscoring its multifaceted presence in the real estate sector.
(with PTI inputs)
