Real estate sector company DLF has announced to develop an ultra-luxury residential project in Gurugram, for which it will invest about Rs 8,000 crore. The company intends to capitalize on the strong demand for premium or expensive homes. Last month, after receiving all regulatory approvals, DLF pre-launched its 17-acre super-luxury residential project The Dahlias in DLF-5, Gurugram, which received a good response from customers.
What is the company’s plan?
The company will develop about 420 apartments in this project. This will be DLF’s second major luxury project after the successful delivery of The Camellias. According to media reports, DLF will invest approximately Rs 8,000 crore in the next 4-5 years on the construction of this new project, which will cover approximately 50 lakh square feet area. In a recent conference call with analysts, DLF Managing Director Ashok Tyagi had said that the company expects revenues of Rs 26,000 crore based on the current pre-launch price from this new super-luxury project in Gurugram.
The company’s focus is on super-luxury segment
On a question about the revenue potential of this project, Tyagi said that what we have just filed in RERA is a revenue of Rs 26,000 crore. This figure will increase further as prices increase. The minimum size of an apartment is 10,300 square feet. Elaborating more about the super-luxury project, Tyagi said that the construction cost in this project will be around Rs 18,000 per square foot. This is because of expenditure on infrastructure, an artificial lake and a four lakh square feet club. Presently the selling price is around Rs 1 lakh per square foot carpet area.
The company gave information
Akash Ohri, joint managing director of DLF Home Developers, a subsidiary of DLF, said the project will be much better than the previous super-luxury project The Camellias. Ohri told analysts, we are very happy with the response we have received so far for The Dahlias. Today, people are looking for the best lifestyle that money can buy, and this project is one option for that.
Ohri hoped that this project would also repeat the success of The Camellias. The Camellias project was initially estimated to generate revenue of Rs 7,000 crore. Later, revenue of Rs 12,500 crore was received from the project. With this high value project, DLF is confident of achieving the sales target of Rs 17,000 crore in the current financial year.
