Lawstreet Journal

DLF Shares Jump 5% After Company Sells Nearly 90 Independent Floors Worth Over Rs. 300 Crores

Lawstreet Journal 2 Dec 2020 8:09pm

Image courtesy: Lawstreet Journal Business DLF Shares Jump 5% After Company Sells Nearly 90 Independent Floors Worth Over Rs. 300 Crores

On Tuesday (December 1, 2020), DLF's share price rose over 5 percent after the real estate firm reported that it had sold nearly 90 independent floors worth over Rs 300 crore in Gurugram. The company added that it expects to launch more such projects in the last few months, as demand for luxury residential properties has revived. 

The stock rose to the day's high of 195 per share on BSE by as much as 5.5 percent.

Aakash Ohri, Sr Executive Director Sales & Director, DLF, stated, “Recently we launched 88 residences in form of premium independent floors (at a price point of Rs 3.75 – 4.25 crores each), spread across 22 plots, in the DLF City Phase 3…in Gurugram. These were sold out in a record time.”

 The company plans to launch separate floors at Gurugram, New Gurugram, and Panchkula, among others in DLF Phase I-IV. 

"With the increased attractiveness of real estate as a favored asset class against other conventional alternatives, home buyers are looking to invest in a more long-term asset to protect their accumulated savings," Ohri added.

Despite the COVID-19 pandemic, the country's largest real estate firm aims to achieve sales bookings of Rs 2,500 crore in the current fiscal year, slightly better than in the previous year. DLF's sales bookings stood at Rs 2,485 crore during the 2019-20 financial year. 

In the first half of this fiscal year, DLF's revenue bookings crossed Rs. 1,000 crores as sales in the second quarter increased sharply to Rs. 853 crores from Rs. 152 crores in… Continue Reading...

Tagged: DLF  
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