India Developer Sells $1 Billion of Luxury Homes in Three Days

DLF raised more than $970 million from the apartment sales

Sales show how wealthy Indians are ramping up realty holding

March 16, 2023 at 11:53 AM GMT+6:30 A top Indian developer sold 1,137 apartments that cost almost a million dollars each in three days suggesting that wealthy Indians are ramping up realty investments.

DLF Ltd. raised more than 80 billion rupees ($970 million) from the sale of the luxury apartments in the development at Gurugram, near New Delhi, the company said in an exchange filing on Thursday. All units at the project, which will have five towers spread over 25 acres (10 hectares), are sold out, the developer said.

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DLF shares jump over 9% in 2 days after selling $1 billion luxury homes. What should investors do? Shares of real estate developer DLF rallied over 9% to Rs 377.5 in two days after the realty major announced that it has sold 1,137 luxury apartments, priced Rs 7 crore and above, for over Rs 8,000 crore within three days, at its housing project in Gurugram.

In a regulatory filing, DLF informed that it has "witnessed record-breaking pre-formal launch sales of Rs 8,000-plus crore for its luxury high-rise residences, "The Arbour". The project is located at Golf Course Extension Road, Sector-63, Gurugram.

The project comprises five towers, with 1,137 units at a price point of Rs 7 crore per unit. This project also marks DLF’s entry into the Golf Course Extension micro-market in Gurugram.

DLF has highlighted that over 95% of buyers are individuals, who have bought into The Arbour for their end usage, implying very strong residential real estate demand, even in the face of higher interest rates. ...

India's DLF to focus on luxury, premium housing after near-$1 bln project sells out

 

 

(Workers install power lines inside a luxury residential project by Indian property developer DLF in Gurugram, India, February 28, 2023.REUTERS/Amit Dave)

 

NEW DELHI, March 16 (Reuters) - India's top real estate developer DLF (DLF.NS) will continue to focus on building luxury and premium projects as it finds it difficult to make profits in the popular affordable housing segment, a top company executive told Reuters.

DLF said on Thursday it has sold out its luxury residential project in Gurugram near New Delhi in 72 hours, generating more than 80 billion rupees ($967 million) in sales, confirming a Reuters story from earlier this month.

Luxury housing is booming in India. A record 65,700 luxury housing units were sold in 2022, thanks to rising disposable incomes and a surge in demand after the COVID-19 pandemic, especially, developers say, for spacious apartments with conveniences like concierge services and spas.

 

Ref: India Developer Sells $1 Billion of Luxury Homes in Three Days (bloomberg)