NEW DELHI (INDIA): Realty major DLF has sold properties worth Rs 200 crore in its luxury housing project at Gurugram despite a slowdown in the residential segment.
The company is developing about 750 apartments in the nearly 9-acre luxury housing project ‘The Crest’, launched in 2013 and expected to be completed this year.
According to sources, DLF achieved sales bookings of Rs 200 crore in the project for the quarter ending March.
The total sales bookings in the project amounted to Rs 365 crore during the entire 2016-17 fiscal, which means that the January- March quarter accounted for 55 per cent of the full-year sales.
The company spokesperson declined to comment.
The real estate sector, particularly the housing segment, is facing a multi-year slowdown and the demand declined further post the demonetization decision by the government last November.
The luxury housing segment was affected the most as those transactions involved a larger proportion of a cash component.
However, the residential market, particularly the affordable housing segment, has started to recover gradually from January this year, despite luxury housing still being sluggish.
DLF is selling apartments in this project at a basic selling price (BSP) of Rs 18,500 per sq ft and the starting price is about Rs 5 crore. Penthouses are being sold at a BSP of Rs 19,500 per sq ft.
During the first nine months of the last fiscal, DLF – the country’s largest real estate company – achieved a gross sales booking of Rs 1,550 crore and a net sales booking of Rs 760 crore.
In February, DLF Ltd Chief Financial Officer (CFO) Ashok Tyagi said the company will invest about Rs 3,500 crore this year to complete construction of almost all of its already announced housing projects.
DLF has a total area of 18.5 million square feet under construction in various housing projects, and it is targeting the completion of about 15-16 million sq ft by the end of this year and create finished stocks amid slow sales in the residential segment.
DLF’s net debt increased to Rs 24,397 crore during the third quarter of the last fiscal year.
Source: Press Trust of India