Real estate giant DLF Ltd plans to begin selling projects worth Rs 19,710 crore by March of the next year and hopes to register sales of around Rs 12,000 crore during current fiscal year due to high housing demand.
DLF said on Friday that its sale bookings increased by a record Rs 15,058 crore last fiscal year from Rs 7,273 crore the year before.
The Arbour, a single luxury property development that was unveiled in Gurugram during the March quarter, brought in Rs 8,000 crore for the corporation.
“Really, a normalized sale for 2022–23 ought to have been in the neighborhood of Rs 10,000–11,000 crore. We shall continue to steer with our heads. And we'll suggest that for FY24, we should still expect revenues of between Rs 11,000 and Rs 12,000 crore, the DLF CEO Ashok Tyagi said investors in a conference call on Saturday.
DLF has planned an ambitious launch schedule for 2023–2024 at an area of 11.2 million square feet with an estimated sales income potential of Rs 19,710 crore, buoyed by record sale bookings in the previous fiscal year.
The housing category will account for the majority of the projects announced this fiscal year in Chennai and Delhi-NCR.
The business launched 10 million square feet last fiscal year for Rs 14,600 crore.
DLF announced a 40% rise in overall net profit on Friday, coming in at Rs 569.60 crore for the quarter that ended in March as opposed to Rs 405.54 crore for the same period in 2021–22.
In the March quarter of current fiscal year, total revenue decreased to Rs 1,575.70 crore from Rs 1,652.13 crore in the comparable quarter the year before.
From Rs 1,500.32 crore in 2021–2022 to Rs 2,033.95 crore in the most recent fiscal year, DLF's net profit climbed by 36%.
From Rs. 6,137.85 crore the previous year to Rs. 6,012.14 crore in 2022–23, total income decreased.
According to DLF, which reported record bookings, “Our offerings across multiple geographies continue to be the preferred choice of customers enabling healthy growth in our business.”
The business noted that the residential upswing and growing demand for the premium sector motivate it to continue working toward expanding new options.
DLF said that it will continue to use a calculated strategy to introduce new items across several markets while also guaranteeing the prompt execution of its already-launched products.
According to market capitalization, DLF is India's biggest real estate company. Over 153 real estate developments have been created, covering an area larger than 330 million square feet.
DLF's main lines of business include the development and leasing of commercial and retail buildings, as well as the development and sale of residential properties (the “Development Business”).
The company owns a portfolio of annuities covering more over 40 million square feet.
The company's potential for development in the residential and commercial sectors is 215 million square feet.