The country’s largest real estate developer DLF said it is expected to achieve the guidance of Rs 17,000-18,000 crore annual presale in FY25 despite a drop in new sales bookings in the July-September quarter due to delay in getting approvals for new project launches.During the earnings call after the second quarter results, senior executives of the company told investors that the second half of the year will see the new project launches in Gurgaon, Mumbai and Goa, which will help DLF achieve guidance.The company has received necessary approvals for ultra-luxury project The Dahlias in DLF 5 in Gurgaon where the apartments are expected to be launched at Rs 75 crore and above.“While we will share the numbers in Q3, most of the demand we are seeing is coming from the people who initially missed the Camellias,” said Aakash Ohri, joint managing director and chief business officer at DLF Homes. “A lot of people in tier-two cities, and even people from cities like Mumbai, Bengaluru (and) Chennai have now started to invest in Delhi. We are seeing a lot of demand in recent Camellias sales from cities like Kanpur and Bhubaneswar,” he said.As per its RERA filing, DLF will invest around Rs 18,000 per square foot in developing the project, which includes the cost of club and lake apart from the basic construction cost.The company said it will generate about Rs 26,000 crore revenue from the project. The numbers are expected to increase, executives said.“The Camellias started with a Rs 7,000-crore valuation, and we are exiting at about Rs 15,000 crore. Super luxury has to be dealt completely separate from how the rest of the country or anything else sells. It has a certain progress, a certain process, and I think we need to respect that,“ Ohri said.The company is expected to generate Rs 35,000 crore revenue from The Dahlias.As per the full year guidance, DLF has planned to launch 11.6 million sq ft with a revenue potential of Rs 36,000 crore in FY 25, over 90% of which will be in the super luxury segment as the company is betting big on the growth of consumption of luxury in the country.DLF is looking to expand its presence beyond NCR even as its main focus will continue to be Gurgaon.“NCR shall continue to be the central gravity of our entire launch pipeline… We will continue to expand in places like MMR (Mumbai Metropolitan Region)…and we have a significant growth line pipeline in Chandigarh as well,” DLF managing director Ashok Kumar Tyagi said during the analyst call.“We don’t anticipate any concentration risk. In fact, ironically, the way other developers are increasingly trying to buy land in NCR, they also don’t see concentration risk. NCR is possibly going to be the world’s largest metropolitan area in the next five years,” Tyagi said.DLF Ltd reported a more than doubling of net profit in the September quarter, largely due to gains from reversal of deferred tax liabilities even as it reported a drop in new sales bookings.
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