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DLF is India’s one of the largest realty firm, said that they are targeting Rs. 2500 crore of booking which is double to its sales bookings during the current economics. They are also becoming debt free by next March which will also give a boost in sale of DLF. The country’s largest firm got the bookings of Rs. 1000 crore. The new real estate law RERA introduced last year in May during 2017-18 and hence all of them are suspended.
However, the company was expecting a steep rise in sales bookings to more than or double to Rs. 2250 crore on huge demand of ready-to-move in flats and residential areas. The new sales bookings after the change in RERA form last year, the company has received bookings of Rs. 600 crore during first quarter which gave a boost in the current sales. In an analytical presentation DLF said that company is still maintaining the objective of keeping fresh sales at Rs. 2000 – 2500 crore for FY19.
Hike in Sale of DLF Projects Gurgaon
The real estate sector is still continuing the process of stabilizing and consolidating even after the transformations of rule and legislations like RERA, GST and demonetization. The shift in the demands of residential properties has clearly in the favour big and trusted developers and infrastructure firms. That’s why DLF is getting more opportunities to improve its net growth by attaining more number of sales bookings.
The main focus of DLF of selling its complete housing stocks worth Rs. 13500 crore would remain same. The bulk units are in Gurugram which can bring a lot more profit to the firm. The predictions are concluding that all the units will settle down in about next 5 to 6 years. Then the company will focus to develop fresh inventories of completed products in order to gain more profits.
The CFO of DLF group Saurabh Chawla said that the company has started construction of first phase which is 7 million square feet in Central Delhi. Once the project structure is complete the sale will start and we will get occupancy certificate. He also said that the apartment will open up for selling only when occupancy certificate is received after the completion of project. It will reduce the possibilities of any inconsistency regarding costs and delivery times.
From the recent reports, the home buyers are stuck with various projects offered by developers like Jaypee Group, Amrapali, Unitech and 3C Company. This is all due to huge delays in the timely execution of their projects which made buyers move to courts and register their protesting cases. Taking this situation as a great opportunity, DLF registered a 56% increase in its net profit of Rs. 172.77 crore in the first quarter of financial year.
DLF gaining more opportunities
Recently, DLF has raised funds for the development of commercial properties in Gurugram on about 12 acres land area. The company bought the land for Rs. 1496 crore this year in February in the auction conducted by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). Saurabh Chawla said that this was another opportunity raise the sales profits as the land we bought is close to DLF Cyber City.
This is another smart strategy opted by DLF and now they are looking for a partner for the development of this project. Many private equity funds are eyeing to close the deal with them as soon as possible, mostly until this September.
According to statistics, DLF is eyeing to get the net profit around 60% this year and hoping to deliver this project during 2020-21 after the completion of agreements and construction process.
