New Delhi: During the initial quarter of the financial year, DLF, a prominent real estate company, saw a significant increase in sales bookings to Rs 6,404 crore, tripling from previous figures, due to high demand for its high-end residential properties. Last year, the company had disposed of properties totaling Rs 2,040 crore.
DLF has set a target of achieving Rs 17,000 crore in sales bookings for the fiscal year 2024-25, compared to about Rs 15,000 crore in the previous year. The company's April-June quarter sales bookings were mainly from the luxury project 'DLF Privana West' in Sector 76/77, Gurugram, which generated Rs 5,600 crore in sales, as per the most recent investor presentation.
The company sold 4 units in their super-luxury housing project 'The Camellias' in DLF 5, Gurugram, totaling Rs 251 crore. In the first quarter of this fiscal year, DLF announced a 23 per cent rise in its consolidated profit to Rs 645.61 crore on Thursday. The company's profit was Rs 527 crore in the previous year. Income increased to Rs 1,729.82 crore in April-June of this fiscal from Rs 1,521.71 crore in the same period last year. DLF stated on Thursday that they think the residential sector is experiencing a long-lasting positive trend, so they are focusing on improving their range of new products.
"We are dedicated to utilizing this favorable momentum and have arranged a robust launch schedule of 9 million square feet of new products in the fiscal year, spanning different sectors and regions such as Gurugram, Mumbai, Goa, and Chandigarh Tri-city," the company stated.
DLF Cyber City Developers Ltd (DCCDL), the rental division of DLF, saw its revenue reach Rs 1,553 crore, showing a y-o-y increase of 10 per cent, with a consolidated profit of Rs 470 crore for the quarter, marking a y-o-y growth of 20 per cent. The company stated that they are optimistic about the rental business and will increase their capital expenditure commitments to enhance their rental portfolio for sustained growth.
DLF has established itself as the top real estate developer in India, boasting a track record of over seven decades. It has conceived over 178 real estate ventures and constructed over 349 million square feet of space. DLF Group possesses development potential of 220 million square feet in both residential and commercial sectors. The organization holds a portfolio of annuities consisting of more than 44 million square feet of office and retail real estate spaces.
DLF's main focus is on creating and selling residential properties (Development Business) as well as developing and renting out commercial and retail properties (Annuity Business).
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