super luxury project
Real estate major DLF will invest around Rs 8,000 crore to develop an ‘ultra-luxury’ residential project in Gurugram. The company intends to capitalize on the strong demand for premium or expensive homes. Last month, after receiving all regulatory approvals, DLF pre-launched its 17-acre super-luxury residential project ‘The Dahlias’ in DLF-5, Gurugram, which received a good response from customers. The company will develop approximately 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 in the next 4-5 years on the construction of this new project, covering an area of around 50 lakh square feet.
Expected revenue of Rs 26,000 crore
In a recent conference call with analysts, DLF Managing Director Ashok Tyagi had said that the company expects revenues of Rs 26,000 crore based on the current ‘pre-launch’ price from this new super-luxury project in Gurugram. Is. To a question on the revenue potential of the project, Tyagi said, “What we have filed with RERA now is a revenue of Rs 26,000 crore. This figure will increase further as prices rise.” 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 because of expenditure on infrastructure, an artificial lake and a four lakh square feet club. The selling price at present is around Rs 1 lakh per square foot of ‘carpet’ area.
Will repeat the success of ‘The Camellias’
Akash Ohri, joint managing director of DLF Home Developers, a subsidiary of DLF, said the project will be much better than the previous super-luxury project ‘The Camellias’. “We are very pleased with the response we have received so far for The Dahlias,” Ohri told analysts. Today, people are looking for the best lifestyle that money can buy, and this project is one option for that.” Ohri hoped that this project would also replicate the success of ‘The Camellias’. ‘The Camellias’ project was initially estimated to generate revenues of Rs 7,000 crore. Later the project generated revenue of Rs 12,500 crore. With this high value project, DLF is confident of achieving the sales target of Rs 17,000 crore in the current financial year.
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