This realty company will build a ‘super luxury’ project in Gurugram, will invest Rs 8,000 crore
Real estate company DLF will invest around Rs 8,000 crore on developing an ‘ultra-luxury’ residential project in Gurugram. The company intends to capitalize on the strong demand for premium or expensive homes. Last month, DLF pre-launched its 17-acre super-luxury residential project ‘The Dahlias’ in DLF-5, Gurugram after receiving all regulatory approvals, which received a good response from customers. The company will develop around 420 apartments in this project. This will be DLF’s second major luxury project after the successful delivery of ‘The Camellias’. According to sources, DLF will invest around Rs 8,000 crore on the construction of this new project in the next 4-5 years, which covers an area of about 50 lakh square feet.
Revenue expected to be Rs 26,000 crore
In a recent conference call with analysts, DLF Managing Director Ashok Tyagi had said that the company expects a revenue of Rs 26,000 crore from this new super-luxury project in Gurugram based on the current ‘pre-launch’ price. On a question about the revenue potential of this project, Tyagi said, “What we have just filed with RERA is a revenue of Rs 26,000 crore. This figure will increase further as prices increase.” The minimum size of an apartment is 10,300 square feet. Elaborating more about the super-luxury project, Tyagi said that the construction cost in this project will be around Rs 18,000 per square foot. This is due to the expenditure on infrastructure, an artificial lake and a club of four lakh square feet. Currently the selling price is around Rs one lakh per square foot ‘carpet’ area.
Will repeat the success of ‘The Camellias’
Akash Ohri, joint managing director of DLF Home Developers, a subsidiary of DLF, said that this project will be much better than the previous super-luxury project ‘The Camellias’. Ohri told analysts, “We are very happy with the response we have received so far for The Dahlias. Today, people are looking for the best lifestyle that money can buy, and this project is an option for it.” Ohri hoped that this project will also repeat the success of ‘The Camellias’. ‘The Camellias’ project was initially estimated to generate revenue of Rs 7,000 crore. Later, the project generated a revenue of Rs 12,500 crore. With this high-value project, DLF is confident that it will be able to achieve the sales target of Rs 17,000 crore in the current financial year.
