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DLF sells 376 completed flats worth Rs 700 crore in Gurugram housing project
Moneycontrol.com  |  October 14, 2019

PTI

Realty major DLF on October 13 said it has sold 376 ready-to-move-in luxury flats worth Rs 700 crore on the first day of the launch of its new housing project in Gurugram, even as the overall property market is facing a demand slowdown.

 

The company has launched the second phase of its luxury residential project Ultima.

 

"DLF took bookings worth more than Rs 700 crores on the first day itself. 376 units were allotted which accounts to more than 75 percent of the total 504 units," the company said in a statement.

 

More than 1,000 channel partners participated in the launch.

 

DLF's Executive Director Aakash Ohri said, "We at DLF believe in surpassing the standards set by us in each endeavour. This immense response is a testimony of the brand value of DLF."

 

The second phase of this project comprises ready-to-move-in 3-4 bedroom apartments, priced at Rs 1.6 crore onwards.

 

DLF had launched 400 units in the first phase of the Ultima project which is spread over 22 acres.

 

Customers are preferring completed apartments as they are averse to taking the risk of making investments in under-construction real estate projects. Moreover, there is zero GST on completed units.

 

According to an investors presentation, DLF's net sales bookings stood at Rs 705 crore in the June quarter.

 

The company is targeting a 10 percent increase in sales bookings for the current financial year at around Rs 2,700 crore.

 

Sales bookings of the company more than doubled to Rs 2,435 crore in 2018-19 from Rs 1,000 crore in the previous year.