DLF’s new projects valued at Rs 3,500 cr

NEW DELHI: Realty major DLF plans to launch new projects worth Rs 3,500 crore during the second half of this fiscal, mainly in Gurugram and Panchkula as it seeks to tap a rising demand.

In an investors presentation, DLF informed the company plans to launch residential projects across Gurugram and Panchkula by March 2023 after getting requisite approvals from authorities.

The company plans to launch around 3 mn square feet area across residential projects.

That apart, DLF has completed inventories worth Rs 3,222 crore and properties worth Rs 5,622 crore in the under-construction projects that have been launched.

“Product potential (near term) ~Rs 12,350 crore,” DLF said in the presentation, after taking into account the inventories available for sales currently and projects to be launched in the second half of this fiscal year.

On operational performance, DLF said its sales bookings rose 62 per cent year-on-year during the April-September period to Rs 4,092 crore from Rs 2,526 crore in the year-ago period.

DLF Ltd has given guidance of sales bookings at Rs 8,000 crore for the current 2022-23 financial year, a 10 per cent increase from the previous fiscal.

Its sales bookings rose to Rs 7,273 crore in 2021-22 fiscal. The same stood at Rs 3,084 crore in the previous year.

Last week, DLF reported a 26 per cent increase in its consolidated net profit at Rs 477.20 cr for the quarter ended September. Its profit stood at Rs 378.12 crore in the same quarter a year ago.

The company’s total income fell to Rs 1,360.50 cr in the second quarter of this fiscal. It was at Rs 1,556.53 cr in the corresponding period of the previous year.

In a statement after results, DLF had said it experienced further consolidation across the industry in the backdrop of changing consumer preference towards quality offerings from large and credible players.