DLF to expand housing, commercial property Filesadmin.co: Chairman Rajiv Singh
(Photo: Wikimedia Commons)
Realty major DLF will focus on expanding its business to develop residential and commercial projects and is entering new markets Mumbai and Goa to tap into growth opportunities, its Chairman Rajiv Singh said.
In his message to shareholders in the annual report, Singh said the company will continue to focus on corporate governance, operational excellence and upholding the value of the company’s founders.
“Our focus is to expand both our businesses, residential and commercial. The residential business continued its growth momentum, we witnessed an uptick in new sales bookings, coupled with record sales collections.
“The markets response to our products continues to be very encouraging. It is with this conviction that we are entering new geographies like Mumbai and Goa,” he said.
While the company continues to launch new projects in Delhi-NCR, Singh said the company’s strategy is to introduce a diverse range of offerings to meet the aspirational needs of the market.
DLF has achieved strong sales bookings during the last two financial years, driven by significant surge in demand for its luxury homes.
In the 2022-23 fiscal, it clocked a record sales of Rs 15,058 crore, while the company reported a sales of Rs 14,778 crore in the 2023-24 financial year.
For the current fiscal (2024-25), DLF has set a 15 per cent growth target in sales bookings at Rs 17,000 crore as it plans to launch many luxury housing projects across Gurugram, Goa, and Mumbai.
DLF’s Chairman said the commercial business (development of office buildings, shopping centres) continues to perform well and the occupancy levels across the portfolio have increased substantially.
“The company continues to invest in the capex of our new build-outs in Gurugram, Chennai, Delhi and Goa,” he said.
“This is a long gestation business and the arduous work we have put over the last decade has helped us to be in the strong position we are in, today,” Singh noted.
The chairman also told shareholders that the company continues to invest in talent acquisition and strengthen its internal policies to ensure a robust mechanism to support this growth.
“While we strive for greater heights, I assure you that we will maintain our focus on operational excellence, corporate governance and uphold the values established by our founders, which remain our foundation and guiding principle. Our aim is to achieve long-term sustainable growth for all our stakeholders,” Singh said.
On the overall economic situation of the country, the DLF Chairman said the Indian economy has staged a broad-based recovery across sectors and surpassed its pre-pandemic growth trajectory.
He said he strongly believes that the next decade will belong to India.
He said the pace of progress and improvements will accelerate growth in years to come.
“The government is investing heavily in infrastructure, highways, railways, electrification and other sectors. All progress in the new build-out cycle paves the way to achieve the Prime Minister’s vision for ‘Viksit Bharat 2047’, which coincides with the Nation’s 100th year of independence,” Singh said.
DLF’s Chairman believes that the real estate sector will be a major contributor to India’s economic progress, resulting in employment subsequently leading to macroeconomic and social growth.
DLF is the country’s largest real estate firm in terms of market capitalisation.
It has developed more than 158 real estate projects and an area in excess of 340 million sq ft.
DLF Group has 215 million sq ft of future development potential across residential and commercial segments.
It has an annuity portfolio of over 44 mn sq ft with an annual rental income of more than Rs 4,000 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 18 2024 | 12:56 AM IST