DLF sale bookings up 24% at Rs 3,084 cr in FY21

By: |
June 12, 2021 3:59 PM

Realty major DLF sold residential properties worth Rs 3,084 crore in the last fiscal year, registering a growth of 24 per cent from 2019-20, as it saw better demand for completed and new inventories despite the pandemic.

“Rental business continued its sustained performance. Office rental grew 12% y-o-y while the retail segment has been impacted again,” the developer said.“Rental business continued its sustained performance. Office rental grew 12% y-o-y while the retail segment has been impacted again,” the developer said.

Realty major DLF sold residential properties worth Rs 3,084 crore in the last fiscal year, registering a growth of 24 per cent from 2019-20, as it saw better demand for completed and new inventories despite the pandemic. The company’s sale bookings stood at Rs 2,485 crore in 2019-20, according to an investors’ presentation. “New sales at Rs 3,084 crore for the fiscal despite Q1FY21 being muted,” DLF said.

Housing sales were badly impacted during June quarter of 2020-21 because of the nationwide lockdown to control the COVID-19 pandemic. “Residential demand had exhibited strong rebound during the later part of FY21. Q1FY22 may be impacted due to the lockdown restrictions,” DLF said. The company witnessed a good response for its independent floors in Gurugram.

DLF noted that growth drivers like affordability, consumer sentiments and desire to own a home remain fundamentally in place and these would continue to aid in demand recovery in housing segment. It said the real estate industry witnessed a structural positive shift in housing demand in 2020-21. “Consolidation and increase in market share for larger and credible developers was witnessed and may continue to gather momentum in the future,” the company observed.

DLF pointed out that the industry is witnessing temporary dislocation due to the second wave of the pandemic. As a result, construction work, approvals and customer engagement have been impacted in the short term. According to the presentation, DLF issued possession letters to 2,169 units, comprising 5.12 million square feet during the last fiscal year.

On Friday, DLF reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 31, 2021. The company had posted a net loss of Rs 1,857.76 crore in the year-ago period. Total income rose to Rs 1,906.59 crore in the quarter from Rs 1,873.80 crore in the corresponding period of the previous year. For 2020-21, DLF posted a net profit of Rs 1,093.61 crore as against a net loss of Rs 583.19 crore. Total income fell to Rs 5,944.89 crore last fiscal year from Rs 6,888.14 in 2019-20.

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