DLF to launch projects worth nearly Rs 20K cr this fiscal; targets sale bookings of Rs 12K cr

DLF, India's largest real estate developer, plans to launch 11.2 million sq ft of projects in FY24 with sales potential of about Rs 20,000 crore, senior executives of the company said on an investors call.

With demand for luxury housing on the rise in a firm residential market, the segment is expected to account for about 60% of DLF's total sales, the executives said on Saturday.

The executives revealed on the Q4 investors call that DLF has planned projects in Gurgaon, Chandigarh and Chennai and is actively engaged in identifying potential land acquisitions.

"The luxury portfolio will include projects in Chennai and DLF 5, Gurgaon," said Aakash Ohri, group executive director and chief business officer at DLF. "We expect to receive positive responses from buyers, and the momentum built in the last few years should continue."


For the quarter, DLF reported robust growth in new sales bookings, amounting to Rs 8,458 crore, representing a 210% year-on-year increase.

The company's full-year new sales for FY23 reached a record Rs 15,058 crore, surpassing the previous year's figure by more than double. By the end of FY23, DLF's residential business recorded new sales bookings of Rs 7,273 crore, marking a growth of 136% year-on-year.

Chief financial officer Vivek Anand told investors that the company has launched about 10 million sq ft of products this year, adding almost Rs 15,000 crore in sales potential. "Considering that we have increased our launch pipeline to 11 million sq ft for the current financial year, adding up to a sales potential of close to Rs 20,000 crore, the goal is to really grow from here," Anand said.

The company's consolidated revenue for the fourth quarter stood at Rs 1,576 crore, while for the financial year, the topline was Rs 6,012 crore.

DLF's luxury offering -The Arbour at Sector 63, Gurgaon - created a new benchmark in residential sales by setting a record of being completely sold during the pre-formal launch phase, garnering new sales bookings of over Rs 8,000 crore.

"For Arbour, we said we would declare pre-sales only if we are able to collect the first 30-day instalment of 10%, which means people have actually paid Rs 75 lakh each, and they all have signed the agreement to sale, which is under RERA; even that threshold was met 100%," said DLF chief executive Ashok Kumar Tyagi.

"A normalised sale for this year should really have been in the Rs 10,000-11,000 crore range. We will still keep our heads down. And we will say that next year, we should still be looking at sales guidance of Rs 11,000-12,000 crore," Tyagi said.

Group executive director Ohri said the company had a choice to push Arbour sales to Q1 and make more money, but to stall something that is going on at a feverish pace wouldn't have been prudent.

"You can't have a customer wait for two months. We could have dragged this on, but I think it's in the interest of the customer's benefit first, a call was taken to do that," Ohri said.

Of the total 11 million sq ft planned for FY24, about 5 million sq ft would be luxury housing.