Amid the slow sales rate of the residential market, DLF has successfully managed to sell properties worth Rs 200 crore in luxury segment at its Gurugram project.
The company has been developing a total of 750 apartments of its luxury housing project The Crest which is spread over 9-acres of land and likely to be completed by the end of this year. The project is of total worth Rs 365 crore during the entire 2016-17 fiscal which means that 55 per cent of the full-year sales is done in the January-March quarter.
Post demonetization, the residential market including affordable housing sector has hit the decline phase. However, since January, the segment has shown improvement in terms of sales but the luxury housing market is still down. Considering these facts, the sales number for the 2016-17 Q4 shown by DLF is certainly encouraging for the market.
DLF has kept the starting price for luxury apartments about Rs 5 crore at a basic selling price (BSP) of Rs 18,500 per sq. ft. The penthouses are being sold at a BSP Rs 19,500 per sq. ft. As of now, the company has several housing projects under construction across the country with a total area of 18.5 million sq. ft. and expected to complete about 15-16 million sq. ft. by the end of this year.
Source: ET Realty