DLF group has sold all 292 luxury homes in its project ‘The Grove’ in Gurugram for around more than Rs 1800 crore, according to media reports. ‘The Grove’ is located at DLF phase-5 and was launched on September 26, 2022. Reports suggest that this development has signaled a strong demand in luxury homes even though there has been a rise in both property process and home loan interest rates.
According to Aakash Ohri, group executive director and chief business officer, DLF group, “The total developable area of ‘The Grove’ is 8.5 lakh square feet.” DLF phase-5 has seen great appreciation in terms of rentals and value. Around 50,000 residents already stay here in DLF phase -5 which is home to premium, luxury and super-luxury residential projects.
The company has a guidance value of Rs 8,000 crore on the overall sales bookings of DLF Ltd for 2022-23 fiscal year. Sales bookings for the company was Rs 7,273 crore in FY 2021-22 as compared to Rs 3,084 crore in the previous year.
As part of its other projects, DLF Ltd launched a new luxury housing project at Panchkula in Haryana, where the company will develop a project with 424 and is targeting around Rs 1,300 crore as sales revenue.
DLF has developed more than 153 real estate projects covering 330 million square feet. It has 215 million square feet of development potential across the residential and commercial segments and an annuity portfolio of over 40 million square feet.