India’s leading homebuilder DLF enjoys strong, solid sales

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Shares of India’s largest real estate developer, DLF, rose on Wednesday after the company reported bullish luxury apartment sales for an upcoming project, located in New Delhi.

The stock rose 4.4% at the start of trading and ended up 2.14% at INR 417.55 on the National Stock Exchange (NSE), valuing the builder of homes, malls and offices at over INR 1,000 ($ 13.5 billion).

This was after DLF informed the exchanges that it recorded “sales worth around INR 15 billion for the towers of the first phase of a (new) luxury residential project, ONE Midtown. “. Located in West Delhi, ONE Midtown comprises four towers of 39 stories each. The project will have 913 spacious apartments, priced over INR 30m, on January 11 regulatory filing.

“Given the difficult times facing the world, we are deeply grateful and grateful that this launch has garnered such a gratifying response from home buyers,” said Aakash Ohri, Commercial Director of DLF Home Developers.

“The numbers are impressive and say a lot about the intrinsic value of this project. ONE Midtown will be an inimitable addition to the New Delhi skyline… We hope to set the benchmark for a new way of life in the capital, ”added Ohri.

High-tech residences

Designed by Singapore-based project manager DP Consultants and New York city planner MPFP, the residential complex is protected by a five-level security system that covers the outskirts, parking lot, common areas, floors and apartments. . The complex also benefits from an uninterrupted electricity and water supply.

DLF shares have jumped about 48% in the past twelve months on the NSE, despite the pandemic. The real estate player has built 153 real estate projects in the subcontinent, covering an area of ​​approximately 330 million square feet.

The group has development potential of approximately 215 million square feet in the residential and commercial segments. It has an annuity portfolio of more than 35 million square feet, according to the stock exchange release.

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