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DLF, a prominent real estate player, achieved a remarkable feat by selling over 1,000 luxury housing units within three days of the pre-launch phase for its latest project, DLF Privana South in Gurugram. The sales amounted to a staggering Rs 7,200 crore, showcasing robust demand for upscale residential properties. The success follows DLF's previous high-rise luxury housing project, 'The Arbour,' launched in 2023, which witnessed pre-formal launch sales exceeding Rs 8,000 crore and sold out before the official launch.
Spanning 25 acres in Gurugram's Sector 76 and 77, this luxury enclave comprises 1,113 meticulously designed residences across seven towers, offering 4 BHK apartments and penthouses. Designed by ARCOP, the project emphasizes luxury with expansive decks, lofty floor-to-floor heights, and panoramic views. DLF Privana South, strategically located near Southern Peripheral Road (SPR), NH-48, Dwarka Expressway, and Central Peripheral Road (CPR), offers swift accessibility to key city hubs. The project provides breathtaking views of the Aravalli Range and is in proximity to the upcoming Safari Park spread over 10,000 acres. The 472-meter frontage along a 60-meter sector road enhances air circulation, increases visibility, maximizes natural light, and provides exceptional connectivity.
The funding structure for the project includes a mix of equity, working capital, and customer advances. DLF plans to complete the development before 2027, with 80% dedicated to residential spaces and the remaining 20% allocated to lifestyle, hospitality, and educational spaces. Aakash Ohri, Joint Managing Director and Chief Business Officer at DLF Home Developers Ltd., highlighted the demand for high-rise luxury developments, stating that each buyer was allotted only one unit, with a booking amount of Rs 50 lakh, discouraging bulk bookings. Approximately 25% of the sales came from Non-Resident Indians (NRIs), and the average ticket price for one apartment is around Rs 7 crore.
DLF Privana South is part of the larger development 'DLF Privana,' covering approximately 116 acres in Sectors 76 and 77. The success of this pre-launch sell-out underscores the appeal of DLF's aspirational lifestyle offerings. DLF has developed more than 158 projects with an area exceeding 340 million square feet. The group has a development potential of 215 million square feet across residential and commercial segments, with an annuity portfolio surpassing 42 million square feet.
DLF's proactive approach includes launching several new projects by March 2024. This achievement aligns with DLF's robust financial performance, recording sales bookings of Rs 2,228 crore in Q2, with gross margins at 57%. The company achieved net cash-positive status during the quarter and aims for sale bookings of about Rs 13,000 crore for the fiscal year, driven by strong demand.
In conclusion, DLF's remarkable pre-launch sales for Privana South signify not only financial success but also the market's confidence in the company's upscale offerings. The project's strategic location, meticulous design, and the strong demand observed reflect DLF's ability to cater to the evolving preferences of homebuyers, especially those seeking luxurious living spaces.
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