New Delhi, Nov 3 (PTI) Realty major DLF will invest around ₹ 8,000 crore to develop an ultra-luxury housing project in Gurugram as it seeks to encash strong demand for premium homes. Last month, DLF did a pre-launch of its 17-acre super-luxury housing project 'The Dahlias' at DLF 5, Gurugram, after obtaining all regulatory approvals and has received a good response from customers. The company will develop around 420 apartments in this project, which is the second ultra-luxury offering from DLF after the successful delivery of 'The Camellias'.
According to sources, DLF will invest around ₹ 8,000 crore over the next 4-5 years on the construction of this new project, comprising nearly 50 lakh square feet of area. In a conference call with analysts held recently, DLF's Managing Director Ashok Tyagi informed that the company is expecting ₹ 26,000 crore in revenue from this new super-luxury project in Gurugram based on the current pre-launch price. "In RERA, what we have filed now is the revenue of ₹ 26,000 crore based on the pre-launch price.
These numbers will obviously keep on going upwards, as prices keep on moving," Tyagi had said while replying to a query regarding the revenue potential of this project. The minimum size of an apartment is 10,300 square feet. Elaborating more on the super-luxury project, Tyagi said the construction cost in this project will be very high at around ₹ 18,000 per square feet because of expenditure on infrastructure, an artificial lake an.
