DLF sells Gurugram penthouse to Manav Sardana for ₹271cr
What's the story
Real estate giant DLF has sold a penthouse at its luxury housing project 'The Dahlias' in Gurugram for ₹271 crore. The deal, one of the costliest in terms of per square foot price, was struck with entrepreneur Manav Sardana, associated with Imperial Auto Industries. The 17,200-square-foot super area penthouse comes with a carpet area of 10,500 square feet.
Profile
A look at Sardana
Sardana is known for his long association with Imperial Auto Industries.
It is one of India's biggest makers of fluid transmission products for automotive as well as off-highway sectors.
Ministry of Corporate Affairs' filings list him as a director to over a dozen firms linked to Imperial Auto group.
They include Kreuz Hydraulics Private Limited, Imperial Silicon Private Limited, and Imperial Martor Engine Tubes Private Limited.
Project details
'The Dahlias' was launched in October 2024
Launched in October 2024, 'The Dahlias' is a 17-acre super-luxury housing project with 420 apartments and penthouses.
The penthouse was sold at ₹1.58 lakh per square foot on a super area basis and nearly ₹2.6 lakh per square foot on carpet area basis.
DLF expects to earn over ₹40,000 crore from this project, having already sold over 65% of its units.
Market trend
Surge in demand for luxury apartments
The demand for luxury apartments has surged across seven major cities after the COVID-19 pandemic.
Gurugram and Mumbai have seen several high-value sales of apartments and penthouses.
DLF's 'The Dahlias' project is a testament to this trend, with the price of an apartment in this project ranging between ₹100 crore and ₹170 crore. Penthouses cost more.
Financial outlook
Sales bookings fell by 94% in Q1 this fiscal year
In the first quarter of this fiscal year, DLF's sales bookings or pre-sales fell by 94% to ₹657 crore as it did not launch any project.
However, the company is confident of meeting its annual sales bookings target of ₹20,000 crore for the current fiscal year.
Despite a huge fall in total income during this period, DLF reported a 4% increase in its consolidated net profit to ₹793.90 crore for the quarter ended June.