Top Realtor 'DLF' invests Rs. 8,000 crore for Ultra-Luxury Housing Project

In an effort to meet the high demand for luxury residences, real estate giant DLF plans to invest almost Rs. 8,000 crore in the construction of an ultra-luxury housing project in Gurugram.

After receiving all necessary regulatory permits, DLF had a pre-launch of its 17-acre super-luxury housing project, "The Dahlias," in DLF 5, Gurugram, and last month. The property was well greeted by customers.

Sources estimate that DLF will spend over Rs. 8,000 crore over the course of the next four to five years to build this new project, which will occupy an area of almost 50 lakh square feet.

DLF's Managing Director Ashok Tyagi told analysts during a recent conference call that, based on the current pre-launch price, the business anticipates making Rs. 26,000 crore from this new super-luxury property in Gurugram.

Apartments must be at least 10,300 square feet in size.

In RERA, what we have filed now is the revenue of Rs. 26,000 crore based on the pre-launch price. These numbers will obviously keep on going upwards, as prices keep on moving," says Tyagi.

Tyagi went into further detail about the super-luxury project, stating that the cost of building it will be extremely exorbitant, at about Rs. 18,000 per square foot, due to the costs of infrastructure, an artificial lake, and a club that is 4 lakh square feet in size.

Currently, each square foot of carpet space is being sold for about Rs. 1 lakh.

This project would be far superior to DLF's previous super-luxury project, The Camellias, which has recently seen a few secondary market purchases of over Rs. 100 crore for an apartment, according to Aakash Ohri, Joint Managing Director of DLF Home Developers, and a subsidiary of DLF.

"I am very humbled by the response we have got so far for The Dahlias. Today, people are looking for the best lifestyle that money can buy, and 'The Dahlias' is today that option," Ohri noted.

With projects in Mumbai and Goa planned for the second half of this fiscal year, the company has a robust launch pipeline.