DLF lines up properties worth Rs 3,500 crore for second half of FY23
Realty major DLF plans to launch new projects worth Rs 3,500 crore during the second half of this fiscal, mainly in Gurugram and Panchkula as it seeks to tap a rising demand.
In an investors presentation, DLF informed that the company plans to launch residential projects across Gurugram and Panchkula by March 2023 after getting requisite approvals from authorities.
The company plans to launch around 3 million square feet area across residential projects.
That apart, DLF has completed inventories worth Rs 3,222 crore and properties worth Rs 5,622 crore in the under-construction projects that have been launched.
”Product potential (near term) ~Rs 12,350 crore,” DLF said in the presentation, after taking into account the inventories available for sales currently and projects to be launched in the second half of this fiscal year.
On operational performance, DLF said its sales bookings rose 62 per cent year-on-year during the April-September period to Rs 4,092 crore from Rs 2,526 crore in the year-ago period.
DLF Ltd has given guidance of sales bookings at Rs 8,000 crore for the current 2022-23 financial year, a 10 per cent increase from the previous fiscal.
Its sales bookings rose to Rs 7,273 crore in 2021-22 fiscal. The same stood at Rs 3,084 crore in the previous year.
”We remain optimistic on the inherent growth potential in the housing sector on the backdrop of rising aspirations of the communities for well-designed, high-quality products across established ecosystems,” DLF said, adding that it has received good response to new products like low-rise independent floors across multiple markets.
It aims to continue this growth trajectory by continuously offering differentiated products across multiple segments.
The realty firm further said it would continue to focus on stronger cash generation through sustained momentum in sales of completed inventory along with new offerings.
Last week, DLF reported a 26 per cent increase in its consolidated net profit at Rs 477.20 crore for the quarter ended September. Its profit stood at Rs 378.12 crore in the same quarter a year ago.
The company’s total income fell to Rs 1,360.50 crore in the second quarter of this fiscal. It was at Rs 1,556.53 crore in the corresponding period of the previous year.
In a statement after results, DLF had said it experienced further consolidation across the industry in the backdrop of changing consumer preference towards quality offerings from large and credible players.
”The interest rate hike was on expected lines. We continue to closely monitor these developments, however, have not experienced any material impact on housing demand so far,” it had said.
DLF is India’s largest real estate company in terms of market capitalisation. It has developed more than 153 real estate projects covering 330 million square feet.
The company has 215 million square feet of development potential across the residential and commercial segments.
The DLF Group has an annuity portfolio of over 40 million square feet.
The company is primarily engaged in the business of development and sale of residential properties (development business), and the development and leasing of commercial and retail properties (annuity business).