NRIs galore: DLF sells 795 flats priced at Rs 7 cr in Gurugram in 3 days

DLF Limited, India's largest real estate developer, announced the  sellout of its latest luxury project, DLF Privana West, located in Gurugram. The project with 795 apartments valued at approximately Rs 5590 crore, sold out entirely within just three days.

In January this year, the company had sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of the launch of its project 'DLF Privana South', which is spread over 25-acre.

Brokers Business Standard spoke to quoted a price range of Rs 6.43 to Rs 7.15 crore for a 4bhk measuring 3577 sq. ft and penthouse  and measuring 5472 sq ft, respectively.

 

Key Points:

Location: Sector 76 and 77, Gurugram

Size: 12.572 acres (approximately 5 hectares)

Part of: A larger integrated development called "DLF Privana" which spans 116.296 acres (approximately 47 hectares)

Number of Units: 795 residences across 5 towers

Apartment Types: Spacious 4 BHK apartments and penthouses

Unique Selling Points:

Three car parks for each 4 BHK unit

Four car parks for penthouses

Picturesque views of the Aravali Range

Close proximity to a future Safari Park

"Privana West’ emerges as the next chapter in this story, meticulously designed to cater to discerning homebuyers' aspirations for spacious, luxurious abodes within a vibrant, well-connected community. Anticipation for this project transcended borders, with a substantial portion of buyers comprising esteemed NRIs. Renowned for its commitment to delivering meticulously planned, integrated ecosystems, DLF has once again raised the bar with DLF Privana West. Leveraging its wealth of experience and expertise, DLF Privana West ticks all the boxes of location, amenities, luxurious facilities, contemporary infrastructure and connectivity. Alongside, the residents will enjoy the conveniences and comforts offered by the DLF ecosystem, catering to the evolving needs of new age families," said Aakash Ohri, Jt. Managing Director and Chief Business Officer, DLF Home Developers Ltd.

Earlier this year, marking its foray into Sector 76 and 77 of Gurugram, DLF unveiled “DLF Privana South” which forms a part of the sprawling ecosystem ‘DLF Privana’, spread across 116.296 acres. Overlooking the Aravallis and abutting a cluster of corporate parks, this burgeoning neighbourhood is poised to emerge as the epicenter of Gurugram. Enhanced connectivity, coupled with ongoing and forthcoming infrastructure developments, renders the locale both accessible and aspirational, seamlessly blending urban conveniences with natural splendour.

Industry experts noted that for the fiscal year  2023-2024, DLF's sales from Non-Resident Indian (NRI) investors have surpassed  the Rs 3400 crores mark, underscoring the strategic importance of NRI markets in DLF's overarching growth agenda.

In the last venture DLF Privana South,  the company announced that it had achieved NRI sales as significant as 25% share (approximately  Rs 1800 crore) of the total sales volume. The project attracted keen interest from diverse NRI segments, including those from the US-Canada, Southeast Asia, and the GCC, with notable inquiries also emanating from regions as far-reaching as Africa, particularly Tanzania and Kenya.

In the previous fiscal (2022-2023), DLF made significant strides in NRI sales, surging past the Rs 2000 crore milestone, accounting for approximately 14% of the overall sales figure that year. The buoyant response hailed predominantly from NRI strongholds in the GCC, USA, UK, and Singapore.

DLF has intensified its engagement efforts with its NRI clientele, offering tailored services and round-the-clock support to accommodate varying time zones. Proactive measures such as dedicated inventory allocation for NRI buyers and synchronized project launches across domestic and international markets have been pivotal in growing the NRI sales, escalating from approximately 5% to nearly 20% within a span of two years.

To discourage bulk bookings, each buyer was allotted only one unit and a booking amount of Rs 50 lakh, as opposed to the industry standard of Rs 10 lakh. About 25 percent of this sales came from Non-Resident Indians (NRIs). The average ticket price for one apartment is around Rs 7 crore in Privana South too. 

Another project in Gurgaon, DLF Arbour achieved record-breaking pre-launch sales of over Rs 8,000 crore in March 2023 and sold out before the official launch.

DLF has a vast portfolio with over 158 completed projects and experience developing over 340 million square feet of space.
 

They have a strong development pipeline with 215 million square feet of potential across residential and commercial segments.

The company also has a significant annuity portfolio exceeding 42 million square feet.