DLF sells entire 795 luxury flats for Rs 5,590 crore in new project at Gurugram within 3 days of launch

India's largest realty firm DLF has sold all 795 apartments for Rs 5,590 crore within three days of the launch of its new luxury housing project in Gurugram, driven by strong demand from consumers including NRIs.

In a regulatory filing on Thursday, the company informed about the successful launch of its latest luxury residential project 'DLF Privana West', "achieving a remarkable sellout valued at approximately Rs 5,590 crores, within 3 days."

The new project is spread over 12.57-acre comprising 795 apartments. The average selling price was around Rs 7 crore per apartment.

In January this year, the company had sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of the launch of its project 'DLF Privana South', which is spread over 25-acre.

Both 'DLF Privana West' and 'DLF Privana South' are part of its 116-acre township 'DLF Privana' located in Sector 76 and 77 at Gurugram in Haryana. According to sources, DLF received Expression of Interests (EOIs) from around 1,550 and 1,600 customers, almost double of total units being offered in this new project, reflecting high demand for ultra-luxury homes.

Non-resident Indians (NRIs) lapped up around 27 per cent of the total 795 units. NRIs have been investing a lot in premium housing projects in Gurugram to earn decent rental income, besides capital appreciation. 

Commenting on the development, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, said, "After the overwhelming success of DLF Privana's inaugural project DLF Privana South, 'DLF Privana West' emerges as the next chapter in this story, meticulously designed to cater to discerning homebuyers' aspirations for spacious, luxurious abodes within a vibrant, well-connected community." 

He said NRIs have bought a substantial portion of apartments in this new project. "Our aspiration with DLF Privana and its associated projects is to emulate the success of DLF Phase 5, by curating an integrated ecosystem of luxury residences amidst abundant greenery, fulfilling the most coveted lifestyle requisites." 

In March last year, DLF sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days. Gurugram housing market has witnessed a significant growth in demand for residential properties, leading to a sharp rise in prices. The demand has sustained so far despite the hefty price appreciation.

Overall also, India's housing market across the top seven major cities has been performing very well post-COVID pandemic on pent-up demand and rising aspirations for homeownership.

The consumer demand is shifting towards those developers who have a good track record of executing real estate projects on time. DLF is India's leading real estate developer in market capitalisation.

DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 million square feet of future development potential across residential and commercial segments. The group has an annuity portfolio of over 42 million square feet.

DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).