DLF sells phase-1 of Mumbai project, generates Rs 2,300 crore pre-sale
., a 100% subsidiary of
DLF Ltd
., India's largest listed real estate company, has added Rs 2,300 crore pre-sale in the ongoing quarter, followed by Rs 11,000 crore pre-sale from a single project in April-June quarter.
The pre-sale in the ongoing quarter is dependent on company's entry to Mumbai market in partnership with Trident Realty.
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In July 2023, DLF had bought a 51% stake in the SPV that will develop around 3.5 million sq ft in Andheri West, Mumbai.
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In the first phase, DLF will develop around 900,000 sq ft as it is a
slum rehabilitation project
and more land will be made available gradually.
'We had initially opened two of the four towers for sale but after getting the overwhelming response, we decided to sell the balance inventory as well. We managed to sell the entire phase in five days,' said Aakash Ohri, joint managing director and chief business officer at DLF Homes.
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The Westpark spans 5.18 acres and is part of a larger 10-acre master plan. The development will comprise eight towers, with the first phase introducing four towers, each rising 37 storeys and offering a total of 416 residences. The homes include a mix of spacious 3 and 4 BHK residences ranging from 1,125 to 2,500 sq. ft., (carpet), along with a limited number of exclusive penthouses.
Approximately, 20% of the buyers are NRI. DLF reported $421 sales from NRIs last fiscal, rising from $408 million in FY24.
New sales bookings of Rs 21,223 crore for FY25, surpassing its earlier guidance of Rs 17,000–18,000 crore. The company reported a net profit of Rs 1,268 crore in the March quarter, rising 37% from a year earlier.
For the full fiscal year, DLF's consolidated net profit rose 59% to Rs 4,357 crore, while consolidated revenue grew to Rs 8,996 crore.
The company had earlier outlined plans to launch 37 million sq ft of new projects from FY25 onwards, with a total sales potential of Rs 114,500 crore. Of this, 35% was launched last fiscal, while another 15% is scheduled for FY26.
DLF's robust performance defied concerns of an industrywide sales downturn with developers reporting decline in property sales after a two-year bull run.
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