DLF to launch ₹150 B luxury housing projects

DLF Ltd, a leading real estate company, is set to launch two luxury housing projects worth ₹150 billion in Gurugram during the second half of this financial year. The announcement comes amid strong demand for premium homes, according to Managing Director Ashok Kumar Tyagi. Following the success of their project 'The Arbour' in Gurugram, which generated 80 billion in sales within three days in February, Tyagi has set an ambitious sales target of ₹130 billion for the fiscal year, with hopes of surpassing it.DLF recorded impressive sales bookings of ₹150.58 billion during the 2022-23 financial year, marking a significant increase from ₹72.73 billion in the previous year. Tyagi highlighted robust demand in the ultra-luxury, luxury, and mid-income residential property segments but noted stress in the affordable housing sector due to rising interest rates and housing prices.The company has a launch pipeline of ₹200 billion for the fiscal year, with two major launches in Gurugram— one in Southern Peripheral Road (SPR) and the other in Golf Course Road. These projects are expected to contribute approximately ₹150 billion in sales bookings, as DLF owns the land parcels for these developments.Additionally, DLF plans to launch a residential tower in Moti Nagar, one in Chandigarh's Tricity, and another in Mumbai during this fiscal year. Launches in Chennai and Goa may extend into the next fiscal year.DLF recently reported a 12 percent increase in consolidated net profit to ₹5.27 billion in the first quarter of the fiscal year, up from ₹469.5 million in the same period last year. Total income saw a slight rise to ₹15.21 billion compared to ₹15.16.billion  in the previous year's April-June period. Notably, DLF's net debt has significantly decreased to ₹570 million as of June 30, 2023, down from ₹7.21 billion at the end of the 2022-23 fiscal year. During this period, the company also reduced its gross debt from ₹38.40 billion to ₹30.68 billion.