homebusiness NewsDLF announces ₹30,000 crore worth of project launches across multiple cities for FY25
DLF announces ₹30,000 crore worth of project launches across multiple cities for FY25
Speaking in an interview with CNBC-TV18, Ashok Kumar Tyagi, MD of the company said that DLF hope to exceed the sales volume that it generated in FY24.
DLF, headquartered in Gurugram, plans to introduce projects valued at approximately ₹30,000 crore during the fiscal year 2025. These developments are expected to be situated in various cities including Goa, Gurugram, Chandigarh, and Mumbai.
Speaking in an interview with CNBC-TV18, Ashok Kumar Tyagi, MD of the company said that DLF hopes to exceed the sales volume that it generated in FY24.
Elaborating further about the projects, he said, “We should have a launch of luxury villas in Goa. We should have at least one launch in the Chandigarh Tricity and we should hopefully have our launch, maybe in Q2 in Mumbai. So, we have a strong pipeline. The total launch pipeline for next year is north of ₹30,000 crore and we hope that we can exceed the sales volume that we have generated this year.”.
For nine months the company did sales at ₹1,3316 crore versus ₹6,599 crore year-on-year (YoY)
Expanding on the forthcoming launches, Tyagi mentioned that DLF plans to unveil two significant projects in Gurugram. Firstly, a follow-up to the Privana launch conducted in Q3, and secondly, a more upscale luxury project along the Golf Course Road.
The company, in January, acquired a 29-acre land parcel situated in Gurugram's Golf Course Extension area for ₹825 crore. This identified land parcel, spanning 29 acres, includes approximately 25 acres from the earlier mortgaged land, and DLF aims to harness the estimated development potential of up to 7.5 million square feet.
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When asked about commercial occupancy, Tyagi said, “The pre-leasing for all of our existing offices is complete. We are building 2 million plus space in Gurugram Downtown. We are building a 2.5 million space in Chennai, which is completely leased out. We are building almost 3 million square feet of space in a joint venture with Hines for which pre-leasing has commenced. So, the pre-leasing scenario and the rentals are both very strong.”
“The only thing if at all, is that the shift from third-party IT providers increasingly to Global Captives Centers, GCC as they are called, and it is those which are taking the big spaces now,” he added.
On January 24, DLF posted a 26.6% increase in consolidated net profit to ₹655.7 crore in the December quarter on higher income and fewer expenses. Its net profit stood at ₹517.9 crore in the year-ago period. The real estate major reported a 57% jump in its standalone net profit at ₹463.6 crore in the third quarter of this fiscal year.
Total consolidated income rose to ₹1,643.51 crore in the October-December quarter of the 2023-24 fiscal from ₹ 1,559.66 crore in the corresponding period of the previous year, according to a regulatory filing. DLF's total expenses declined to ₹1,131.97 crore in the third quarter of this fiscal year from ₹1,151.62 crore in the year-ago period.
The market capitalisation of DLF is around ₹2,27,085.10 crore. Its shares have gained close to 162% in the past year.
For the entire interview, watch the accompanying video
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