DLF will focus on selling ready-to-move-in flats worth Rs 15,000 crore over the next 3-4 years and launch new projects for sale only after reaching advanced stage of construction.
Out of Rs 15,000-crore worth of housing units , around Rs 9,000-10,000-crore inventories are in Gurgaon.
The real estate sector, particularly housing, is facing multi-year demand slowdown , resulting in sluggish sales and unsold inventories.
“The company will focus on selling the completed inventory valued at about Rs 150 billion on its books over the next 3-4 years ,” the presentation said.
DLF stated that the company would start development of new projects to create completed inventories , which would be open for sales in pace with the demand for its current completed stocks.The realty firm has initiated the process to start construction of its housing project at Moti Nagar in central Delhi.
The upcoming project , with a total saleable area of about 7 million sq ft , is in a joint venture with GIC , Singapore’s sovereign wealth fund.
GIC had invested nearly Rs 20 billion to acquire about 50 per cent stake in this project.In commercial segment , DLF has already formed a JV with GIC.
GIC acquired stake in DCCDL from DLF promoters for nearly Rs 90 billion. DCCDL holds bulk of rent yielding commercial assets of DLF group.