A real estate company that is primarily known for its luxury projects, DLF Ltd is now planning to launch mid-income projects as the demands for affordable properties have surged in the recent times. DLF’s chairman Rajiv Singh said that the residential sector of India has witnessed signs of revival with increased interests in affordable and mid-income segments.
“In this context, we have commenced planning of scaling up launches and offering a bouquet of diversified offerings across segments with greater value proposition in line with the market leading to a healthy sales revival,” Singh said.
For now, the company aims to launch budget housing projects in areas like Gurugram and Chandigarh, which will include low-rise buildings. The under-planning projects span across 10 million sq. ft with potential revenue of over Rs 5000 crore. Earlier, DLF refrained from selling under-construction housing projects and proceed to sell them only after its completion as buyers preferred ready-to-move-in homes. However, the shift in consumer behaviour over the recent months has led DLF to adopt a new strategy.
With its projects spanning across residential, commercial and retail properties, DLF is present across prime locations like Noida, Chandigarh, Hyderabad, Gurugram, Kolkata and Chennai. So far, the company has delivered more than 27.8 million sq. m worth projects. Moreover, it also has lots of commercial office assets under its rental portfolio which the company hopes will contribute significantly to its growth in the coming time.
In the first quarter of the FY 2020-21, DLF has reported a consolidated loss of around Rs 71.5 crore with the performance of its rental business badly impacted. However, as things return to the new normal, the company as well as the overall real estate market of India will recover gradually.