Google revenue

DLF targets Rs 1,300 cr in revenue with new project in Haryana

Realty major DLF Ltd is targeting around Rs 1,300 crore in revenue from its new luxury housing project in Panchkula in Haryana on better demand for independent floors, a senior company official has said.

DLF has launched a new 34-acre Valley Gardens project in Panchkula.

“We are developing 424 independent floors in this project. The construction works will start after the monsoon season and the project will be completed within the next three years,” Group Executive Director and DLF Chief Commercial Officer Aakash Ohri told PTI.

Also read: Google Expands Online Safety Initiatives, Announces Child Safety Toolkit, Cyber ​​Skills Tour and More

The floors will be approximately 3,500 square feet each. There will be four floors on a 500 square meter plot.

Asked about the cost of the project and the realization of the sales, Ohri said: “We own this land historically. We expect a sales realization of around Rs 1,300 crore from this project. The company initially launched 200 independent floors. It will launch the balance in two installments.

The project, nestled in the foothills of the Shivaliks, complements the existing 175-acre site of The Valley, a residential development in Panchkula and home to over 1,400 families.

“Over the past two years, we have witnessed a good response to low-rise freestanding floors by buyers in the Delhi-NCR area,” Ohri said.

He noted that independent soils have always been in demand in northern India, but there is not enough supply.

Ohri said the offer has now improved.

Also Read: Vivo V25 Pro with Color Changing Glass Design Now on Sale in India: Check Price, Full Specs

DLF launched independent floors in Gurugram.

Meanwhile, DLF Ltd is targeting a 10% growth in sales bookings to around Rs 8,000 crore this financial year.

Its sales bookings jumped to Rs 7,273 crore in the 2021-22 financial year from Rs 3,084 crore the previous year.

Already, in the first quarter of this financial year, DLF sales bookings doubled to Rs 2,040 crore from Rs 1,014 crore a year ago.

DLF is the largest real estate company by market capitalization. It has so far developed more than 153 real estate projects comprising more than 330 million square feet of area.

The group has 215 million square feet of development potential in the residential and commercial segments.

The DLF group has a commercial rental portfolio of over 40 million square feet.

It owns most of the rental assets of DLF Cyber ​​City Developers Ltd (DCCDL), which is a joint venture between the company and Singapore’s sovereign wealth fund GIC.

DLF announced a 39% increase in its consolidated net profit to Rs 469.57 crore in the quarter ended June on the back of better sales.

Its net profit stood at Rs 337.10 crore last year.

Total revenue rose to Rs 1,516.28 crore in the first quarter of this financial year from Rs 1,242.27 crore in the corresponding period of the previous year.