(Bloomberg) -- DLF Ltd.’s new sales bookings in the first quarter more than tripled to 64 billion rupees ($765 million) as the luxury developer sold out a premium housing project near Delhi.
India’s largest real estate developer by market value sold houses worth 56 billion rupees ($669 million) in the second phase of its Privana project in Gurugram, a Delhi suburb that houses the offices of multinationals including Google and Microsoft. “The residential segment is witnessing a structural upcycle,” DLF said.
Still, the real estate firm missed estimates for its quarterly profit. Net income grew 23% from a year earlier to 6.46 billion rupees in the quarter-ended June. Revenue fell 4.2%, but operating margin expanded to 34%, from 33% a year earlier.
The builder expects bookings of 170 billion rupees in the year ending March 2025. Its project in Goa, with 62 villas priced between $5 million and $6 million, will be launched in July-Sept. Overall, DLF plans to launch projects with 12.8 million square feet area and a potential to generate 420 billion rupees in sales.
The company said that the outlook on its rental business is positive and it will increase capex in the segment to expand the portfolio.
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