Realty major DLF sold housing properties worth of about Rs 300 crore in Gurgaon in November when it reopened sales after five months of suspension because of new real estate law and GST.
Realty major DLF sold housing properties worth of about Rs 300 crore in Gurgaon in November when it reopened sales after five months of suspension because of new real estate law and GST. Out of the total sales during last month, about Rs 250 crore was contributed by its luxury housing project ‘The Crest’, sources said. “Sales were halted from May 1 due to RERA (real estate law) implementation. New sales bookings have opened on November 1, 2017,” DLF had recently said in an analyst presentation. The company adopted a cautious, conservative approach to understand the rules and regulations before opening new sales, it added. The Real Estate (Regulation and Development) Act, which was passed by Parliament last year, was implemented from May this year and required all ongoing and new projects to be registered with the state authority. After opening sales from last month, sources said DLF has seen good demand for its projects in Gurgaon and achieved a sales bookings of around Rs 300 crore.
The selling price of premium project ‘The Crest’ is Rs 5 crore onwards. This project was launched in May 2013 and is ready for possession. DLF, the country’s largest real estate major, currently has about Rs 15,000 crore finished inventories, primarily in Gurgaon, because of multi-year slowdown in the realty sector. The company plans to sell these inventories in the next few years. Despite the disruption to the sales activity, the company said that it continued to focus on completion of projects and has now created completed, finished inventory for new sales going forward. The loss from net sales booking due to cancellation/ upgradation came down to Rs 55 crore in the second quarter of 2017-18, from Rs 125 crore in the preceding quarter, DLF had said.