Real estate developer DLF Ltd. plans to build upon the success of The Camellias luxury housing project with the upcoming launch of The Camellias 2 in Gurugram. Scheduled for Q3 2024-25, the 420-apartment Camellias 2 spread over 17 acres will be accessible only by invitation and have starting sizes of 9,000 sq ft, larger than Camellias. DLF will also debut a 62-villa project in Goa with prices from INR 40-50 crore, slated for August 2024. Both high-end developments aim to leverage strong demand for luxury living.
Building on the success of its super-luxury project The Camellias, real estate developer DLF Ltd is planning to launch The Camellias 2 in DLF Phase 5, Gurugram. With a projected sales value of INR 25,000 crore, the project will comprise luxury residences accessible only by invitation, according to Aakash Ohri of DLF Home Developers. It means buyers can purchase apartments in this project only on an invitation basis and the developer will review the customer profile before selling the unit.
Spread over 17 acres of prime land, The Camellias 2 will have around 420 apartments across 5 million square feet. Ohri said they plan to launch the project, also called Lux 5, in Q3 FY 2024-25 and sell apartments in phases. The starting size will be around 9,000 square feet, larger than The Camellias' 7,000 square feet.
Some apartments will feature lake or hill views. Prices are expected to be higher than recent projects Magnolias and Camellias.
The launch and sale of this project is expected to be in two to three phases, which means that DLF may launch 50 odd apartments in the first phase and some in the second phase.
Besides, DLF will also launch another "by invitation" product in Goa where the firm will offer 62 super-luxury villas on a 38-acre hill facing Mandovi river in Panjim. DLF is planning to launch the villa project in August 2024. With ticket sizes from INR 40-50 crore, sales are projected at INR 2,500 crore.
Last week, DLF reported that it sold all 795 apartments for INR 5,590 crore within three days of the launch of its new luxury housing project in Gurugram.
DLF on May 13 had reported a 61.5% jump in its net profit at INR 921 crore for the quarter ended March 31, 2024. The company had posted a net profit of INR 570 crore in the year-ago period. The company's net profit for the financial year 2023-24 stood at INR 2,733 crore, reflecting YOY growth of 33 percent. DLF's revenue also surged nearly 47 percent YoY to INR 2,135 crore in the January-March quarter compared to INR 1,456 crore the firm reported in Q4FY23. The firm said that in the entire financial year 2023-24 DLF's consolidated revenue stood at INR 6,958 crore.
DLF's upcoming luxury projects and recent sales successes point to ongoing growth opportunities in the premium residential segment. The Camellias 2 and Goa villa launches continue the company's strategy of cultivating high-net-worth customers. With healthy financial gains and proven form in the luxury real estate space, DLF is well-positioned to capture further market share through selective expansion and high-profile new developments.
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