DLF sells 376 completed flats worth Rs 700 cr in Gurugram housing project; says real sector facing demand slowdown

New Delhi: Realty major DLF on Sunday said it has sold 376 ready-to-move-in luxury flats worth Rs 700 crore on the first day of the launch of its new housing project in Gurugram, even as the overall property market is facing a demand slowdown. The company has launched the second phase of its luxury residential project Ultima. “DLF took bookings worth more than Rs 700 crores on the first day itself. 376 units were allotted which accounts to more than 75 percent of the total 504 units,” the company said in a statement. More than 1,000 channel partners participated in the launch. DLF’s Executive Director Aakash Ohri said, “We at DLF believe in surpassing the standards set by us in each endeavour. This immense response is a testimony of the brand value of DLF.” [caption id=“attachment_1995009” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] The second phase of this project comprises ready-to-move-in 3-4 bedroom apartments, priced at Rs 1.6 crore onwards. DLF had launched 400 units in the first phase of the Ultima project which is spread over 22 acres. Customers are preferring completed apartments as they are averse to taking the risk of making investments in under-construction real estate projects. Moreover, there is zero GST on completed units. According to an investor’s presentation, DLF’s net sales bookings stood at Rs 705 crore in the June quarter. The company is targeting a 10 percent increase in sales bookings for the current financial year at around Rs 2,700 crore. Sales bookings of the company more than doubled to Rs 2,435 crore in 2018-19 from Rs 1,000 crore in the previous year. Recently, HDFC Chairman Deepak Parekh said housing projects of reputed developers are still selling. “The trust factor is so low among potential homebuyers today. But if a Tata, Mahindra, Godrej or a Shapoorji or a DLF etc comes with a project, they do sell. Even our projects are getting sold because they are with reputed developers. They are also telling the prospective buyers that HDFC has given funding and taken the equity,” Parekh had said in an interview to PTI. Recently, Mumbai-based Lodha Developers reported 6 percent increase in its sales bookings for the first half of this fiscal at Rs 3,300 crore.