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India's largest real estate developer, DLF Ltd, is set to invest INR 23,500 crore towards completing its ongoing residential projects across Delhi-NCR and Mumbai. With a strong liquidity position, including INR 10,429 crore in cash and INR 37,220 crore in customer receivables, the company is well-capitalized for this construction drive. Recent launches like DLF Privana North in Gurugram and a premium project in Mumbai have already seen complete sell-outs, significantly contributing to record-breaking sales bookings. DLF is targeting INR 20,000-22,000 crore in bookings this fiscal, having already crossed INR 11,425 crore in the first quarter.
DLF Ltd, India's leading real estate giant, is gearing up to invest INR 23,500 crore to complete its already-launched residential projects across Delhi-NCR and Mumbai. The figure, highlighted in a recent investor presentation, represents the company's "total pending cost" to finish the ongoing developments. Advertisement
To meet this construction spend, DLF is relying on its robust financial footing. The firm has a current cash balance of INR 10,429 crore, including INR 7,782 crore held in escrow under the Real Estate Regulatory Authority (RERA) framework. Additionally, the developer is expected to collect INR 37,220 crore from homebuyers who've already purchased residential units.
During a conference call with analysts, DLF's Group CFO disclosed that the company had invested approximately INR 750 crore in construction during the April-June quarter. He further indicated that this figure would increase slightly in upcoming quarters as project execution picks up pace.
DLF has been on an aggressive residential launch spree post-pandemic, especially in key markets like Delhi-NCR, Mumbai, and Chandigarh's tri-city area. In the July-September quarter, the company teamed up with Trident Realty to launch a high-end housing project in Mumbai comprising 416 flats all of which were sold, raking in INR 2,300 crore in revenue.
This comes close on the heels of the overwhelming success of the DLF Privana North project in Gurugram, where all 1,164 luxury apartments were sold in the first quarter for nearly INR 11,000 crore. These apartments form part of a larger 116-acre township in the region. In the previous year, DLF had also completely sold two other projects in the same township DLF Privana West and DLF Privana South for a combined total of around INR 12,800 crore.
These successive sell-outs have played a pivotal role in boosting DLF's sales performance. The company reported record-high sales bookings of INR 21,223 crore in the previous fiscal year, a steep rise from INR 14,778 crore in FY 2023-24 and INR 15,058 crore in FY 2022-23. With INR 11,425 crore worth of properties already sold in the current year's first quarter, DLF appears on track to achieve its sales bookings guidance of INR 20,000-22,000 crore for this fiscal.
DLF continues to maintain a dual focus on both residential sales and commercial leasing. The company has completed over 185 real estate projects, covering more than 352 million sq. ft., and boasts an annuity portfolio of 46 million sq. ft. In total, it holds a development pipeline of 280 million sq. ft. across both residential and commercial segments, including current builds and future launches.
Source PTI
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