Rs 700 Cr sales revenue expected by DLF from new housing projects in Chennai
- ByStartupStory | March 1, 2022
On Monday, Realty major DLF launched a new housing project, comprising 1,500 plots in Chennai, expecting a sales revenue of about Rs 700 crore over the next 18 months. In order to develop infrastructure in this 85-acre new housing project ‘Parc Estate’, the company plans to invest around Rs 100 Cr, located off the Old Mahabalipuram Road in Chennai.
DLF group Executive Director Aakash Ohri said, “We are very excited and buoyant about opportunities and development potential in the South India property market”. Adding further he said, in this 85-acre project, the company will develop 1,500 plots, having 2.15 million square feet area, over the next 18 months. It is offering plots in sizes ranging from 600 to 4,000 square feet. The company plans to sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore, he added.
“Plot and gold are in huge demand in Chennai,” Ohri said. When asked about sales realisation, he answered that the company expects sales revenue of Rs 200 Cr from the entire project. Close to this project, DLF targets young IT professionals working in IT parks. Over the next few years, the company plans to develop a significant land bank in Tamil Nadu, Kerala, and Telangana. As a strategic market for DLF in South India, Chennai has emerged.
“We first analysed the buyer behaviour in Chennai and found that people here prefer buying a piece of land as against other forms of investment.”, says Group Executive Director and Chief Technical Officer, P Ramakrishnan. In the third quarter of this fiscal, DLF has clocked record sales bookings of Rs 2,018 crore, about 97 percent from the year-ago period.
About 153 real estate projects have been developed and an area of about 2330 million square feet has been built by DLF. Across residential and commercial segments, it has 215 million square feet of development potential. Over 35 million square feet of an annuity portfolio of the group has been noticed.
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