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DLF, a prominent real estate developer, is poised to unveil a high-end residential project in Gurugram's Sector 76, adjacent to the Southern Peripheral Road (SPR), with an anticipated revenue ranging from Rs 8,000 crore to Rs 10,000 crore, according to industry insiders. The formal launch is expected in January 2024 and is considered DLF's most significant residential venture since 'The Arbour' earlier in the year. The luxury project, located in the price range of Rs 17,000 to Rs 18,000 per square foot, aims to provide 1,100 premium residences, with individual apartment costs ranging from Rs 7 crore to Rs 8 crore.
This project marks DLF's inaugural foray into the SPR region of Gurgaon, signalling an expansion beyond its established luxury residences along the Golf Course Road. Aligned with DLF's broader vision of creating an integrated township sprawling across 120 acres in Gurugram, the upcoming ecosystem, named 'Privana South,' is anticipated to be a pivotal component. The development is said to be an extension of the earlier-launched 'The Arbour,' covering approximately 25 acres.
DLF's move into the SPR area is strategic, aligning with its vision of creating a comprehensive township, and the Privana South project is expected to play a crucial role in this ambitious endeavour. While DLF has remained tight-lipped about the details, industry sources reveal that the new luxury housing project is positioned as the second phase of 'The Arbour,' leveraging the success of the earlier project that recorded record-breaking pre-formal launch sales exceeding Rs 8,000 crore.
DLF's financials reflect a robust performance, with a consolidated net profit of Rs 629 crore in the second quarter of the fiscal year, representing a 29 percent year-on-year increase. Total income from operations rose to Rs 1,476 crore in July-September 2023 from Rs 1,360 crore in the corresponding period the previous year. The company achieved a net cash-positive status during the quarter, with sales bookings reaching Rs 2,228 crore and gross margins at 57 percent. In its regulatory filing on October 31, DLF revealed its target of sale bookings of around Rs 13,000 crore for the fiscal year, supported by strong demand, and announced plans to launch several new projects by March 2024.
The upcoming luxury residential project not only signifies DLF's strategic expansion into the burgeoning SPR area but also aligns with the broader trend of developers seeking to create integrated townships, offering a holistic living experience. As the real estate landscape evolves, DLF's innovative projects and strategic moves continue to shape the industry, catering to the evolving preferences of homebuyers and investors alike.
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