by THO
DLF said its newly launched luxury housing project Privana South in Gurugram generated sales of more than ₹7,200 crore in a matter of 72 hours, showing that its bet on a booming real estate segment in India is paying of thanks to rising disposable incomes and an increase in demand.
The sale ahead of the official launch has attracted buyers from across India and the world, including Africa for the first time, especially Tanzania and Kenya, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, told Hindustan Times Digital.
The company informed the exchanges on January 8 that it has sold more than 1,000 luxury housing units that are part of its latest offering Privana South in Gurugram, for ₹7200 crore, within three days of pre-launch. The project is spread across 25 acres (about 10 hectares) in Sectors 76 and 77.
The response has been “overwhelming and the project has been subscribed 4.5 times. This is akin to Hollywood blockbusters Oppenheimer and Barbie. It is also similar to that of a new Apple phone launch,” said Ohri.
The prices
The prices for the newly launched units are similar to the Arbour launch last year. Ohri also said that the average ticket size for this project is ₹7 crore, with ticket prices ranging from ₹6.25 crore to ₹7.15 crore.
“We have gone in for responsible pricing. Prices have been kept at the same level as last year’s Arbour launch,” he said.
End-users versus investors and buyers’ profile
The end-user versus investors’ ratio is 80:20, he said.
Buyer profiles include corporate honchos, lawyers, doctors, non-resident Indians from across the world, he said.
“We have had both end users and investors buying into the newly launched luxury project. Buyers are from across the country and the world – US, Africa (Tanzania and Nigeria to start with), United Kingdom, South East Asia and the Middle East,” he said.
DLF and Apple phone
The response is akin to a new Apple phone launch. “DLF customers are used to being part of the DLF ecosystem much like Apple customers. They love the experience and are willing to wait for the new launch and continue to stay with the brand,” he said.
The enclave will comprise 1,113 luxury residences across seven towers. These would be 4 BHK apartments and penthouses. ‘DLF Privana South’ will be part of a larger development, DLF Privana spread over approximately 116 acres in Sectors 76 and 77, the company said.
Also Read: Inventory worth over ₹1400 crore sold in newly launched projects in Haryana: DLF
To discourage bulk bookings, each buyer was allotted only one unit, with about 25% of the sales coming from Non-Resident Indians (NRIs), and a booking amount of ₹50 lakh, as opposed to the industry standard of ₹10 lakh.
“We don’t promote repeat customers. Those who received a unit in Arbour last year did not get a preference for the new launch,” Ohri told HT Digital.
The project has been designed by architectural firm ARCOP. The 1,113 luxury residences spread across seven towers will be fully fitted-out. These are 4 BHK 3500 sqft units.
Construction is likely to begin in the next fiscal and the handover will be as per RERA guidance, he said.
DLF surpasses 2023-24 sales guidance, say sources
Sources said that DLF has surpassed its 2023-24 sales guidance of ₹13,000 crore in the first three quarters with the pre-launch of DLF Privana South. Ohri refused to comment.
DLF has more launches planned in the current quarter in Gurgaon in the luxury segment, they said.
