Real estate company DLF has announced the sale of 4.67 acres of land in Chennai to Cholamandalam Finance for Rs 735 crore, as stated in a regulatory filing. This transaction is considered one of the most expensive deals in the region, according to industry sources. DLF has a significant presence in Chennai and had plans to launch a residential project in the fiscal year 2024-2025.
In the upcoming fiscal year, DLF aims to launch projects covering a total area of 10 million square feet, with expected revenue of Rs 24,200 crore. A significant portion, about 5.8 million square feet, will be dedicated to super luxury segments, projected to generate revenue of Rs 24,200 crore, as informed to investors recently.
In Gurgaon, DLF is preparing to launch phase 2 of Privana after the successful sell-out of the first phase shortly after its launch. Additionally, the company intends to introduce a super luxury project in DLF-5, where the market rate for its projects has already reached Rs 100,000 per square foot.
DLF reported a 26% increase in net profit for the December quarter, driven by record bookings resulting from multiple project launches. The company achieved a net profit of Rs 648 crore for the quarter, with sales bookings totaling Rs 9,047 crore. During the quarter, DLF launched three new projects, including two in Gurugram and one in Panchkula, totaling over 5 million square feet.
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