Business

DLF sold 4,092 crs residential units in April-September, up 62% y/y


NEW DELHI: Practical Majors DLF Ltd’s bookings rose 62% year-on-year in the April-September period to Rs 4,092 crore due to better demand for the company’s residential properties.
Its sales bookings stood at Rs 2,526 crore in the first half of the previous financial year, according to a presentation by the company’s investors.
DLF Ltd has given guidance on booking sales at Rs 8,000 crore for the current 2022-23 financial year, up 10% from the previous financial year.
Its pre-order sales rose to Rs 7,273 crore in the 2021-22 financial year from Rs 3,084 in the previous year.
When contacted, DLF Group CEO and Sales Manager Aakash Ohri attributed the growth in booking sales to strong end-user demand for its residential properties.
“We are maintaining our sales booking guidance for this financial year,” he said, adding that the company should be more cautious in the rising interest rate regime.
Ohri said the company has worked hard over the past two years to attract end-user customers. The timely implementation of the project and the provision of quality services in the housing society after the completion of the project are very important factors for genuine customers.
He said the company plans to launch two new housing projects in Gurugram and Panchkula in the second half of this financial year to tap into the growing housing demand.
Over the past 18 months, all the major listed real estate developers have reported fairly high growth in their bookings.
Bengaluru-based Prestige Estates, Macrotech Developers (Lodha team), Godrej Properties and DLF Ltd are among the top performers in terms of annual booking sales.
Other listed entities include Oberoi RealtySobha, Mahindra LifespaceIndiabulls Real Estate, Brigade Enterprises, Puravankara Ltd and Shriram Properties are also giving them stiff competition.
Their figures show sales are still strong despite a rise in home loan rates, from about 6.5 per cent to about 8.5 per cent over the past five months.
Since May, RBI raised the repo rate by 190 basis points to curb inflation. Banks approved the increase in repo rates by raising mortgage rates.
However, the DLF said: “We remain optimistic about the growth potential inherent in the housing sector against the backdrop of the community’s growing aspiration for well-designed, high-quality products in the market. established ecosystems”.
The company says it has received an encouraging response to new products such as the low stand-alone tier in many markets.
It aims to continue this growth trajectory by continuously offering differentiated products across multiple segments.
DLF said it will continue to focus on stronger cash generation through steady momentum in the sale of finished inventory along with new services.
DLF has enjoyed strong sales in its residential projects in Gurugram, Delhi and Panchkula.
Last week, DLF reported a 26% increase in consolidated net profit at Rs 477.20 for the quarter ended September Its profit was at Rs 378.12 in the same period last year.
Total earnings fell to Rs 1,360.50 in the second quarter of this financial year from Rs 1,556.53 in the same period a year ago.
In a statement following the results, the DLF said it has undergone further consolidation across the industry amid changing consumer preferences for quality services from major companies and reliable.
“The rate hike was in line with expectations. We continue to closely monitor these developments, however, so far there has not been any significant impact on housing demand.”
DLF is India’s largest real estate company by market capitalization. It has developed more than 153 real estate projects covering an area of ​​330 million square feet.
The company has 215 million square feet of growth potential across the residential and commercial segments.
The DLF Group has an annuity portfolio of more than 40 million square feet.
The Company is principally engaged in the business of developing and selling residential real estate (development business), development and leasing of commercial and retail real estate (annuity business). PTI MJH

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