DLF maintains ₹20,000 crore FY27 sales outlook; ‘The Dahlias’ emerges as luxury growth driver

DLF , the country’s largest publicly listed real estate company, expects to maintain strong growth momentum in FY27 with a launch pipeline of over ₹20,000 crore across key markets including Gurugram, Mumbai and Goa.

Speaking during the company’s Q4 FY26 analyst call, Managing Director Ashok Tyagi said DLF plans to launch multiple marquee residential projects in the current fiscal, including a large Gurugram project with an estimated sales potential of ₹8,000-9,000 crore, the Arbour senior living project, the next phase of Mumbai’s West Park development, and continued calibrated sales at its ultra-luxury project, The Dahlias.

“We believe we will broadly stay on this trajectory of around ₹20,000 crore of sales guidance,” Tyagi said, adding that the company remains focused on sustainable margins and cash generation rather than simply maximising pre-sales volumes.

Of the projected ₹20,000 crore sales guidance, around ₹13,000-14,000 crore is expected to come from new projects scheduled to be launched this fiscal, while the remaining pre-sales will be contributed by its super-luxury project, The Dahlias, in Gurugram, he said.

“We do believe that of our launch pipeline, the balance ₹13,000-14,000 crore should come comfortably for us to stay on this ₹20,000 crore trajectory,” he said.

During FY2025-26, DLF's sales bookings fell 5% to ₹20,143 crore from a record ₹21,223 crore in the preceding financial year. The company had guided for sales bookings of ₹20,000-22,000 crore.

On the financial front, the company’s profit rose to ₹4,414.68 crore in FY2025-26, while total income increased to ₹9,816.04 crore from ₹8,995.89 crore in FY25.

The Dahlias powers luxury demand

On the luxury housing business, Joint Managing Director and Chief Business Officer Aakash Ohri said The Dahlias has emerged as one of the country’s biggest luxury real estate success stories. The company sold 32 apartments in the project during Q4 alone, while nearly 60% of the inventory has already been sold.

The Dahlias played a key role in helping DLF report over ₹20,000 crore in sales bookings during FY26, while the project continues to form a major part of the company’s luxury residential pipeline for FY27.

Ohri said apartment prices at The Dahlias have appreciated sharply since launch, with units initially priced at around ₹60-75 crore now commanding ₹90-110 crore. He added that current realizations are nearing ₹1 lakh per sq ft on a super area basis.

“The good thing is that The Dahlias has caught up much faster than we expected it to. We thought we would achieve this target in about four years, but we’ve done it in about a year and a half in terms of per square foot realization,” Ohri said.

Analysts during the call compared The Dahlias with The Camellias, DLF’s completed luxury development that is widely considered among India’s most premium residential addresses.

Responding to analyst queries, Ohri said The Dahlias is now “almost at par” with The Camellias on a like-to-like pricing basis. He added that while The Camellias currently trades between ₹80 crore and ₹150 crore per apartment, The Dahlias has already reached average pricing of nearly ₹1 lakh per sq ft for south-facing residences.

DLF management also shared updates on the upcoming experience centre for The Dahlias, which is expected to be ready around Diwali this year. Ohri described it as “something that has not been done so far, at least presentation-wise in the country.”

Management also indicated that Gurugram’s super-luxury housing market has now reached pricing levels comparable to, and in some cases exceeding, premium residential markets in South Mumbai.

The company also said upcoming commercial projects, including new office towers in Gurugram and Chennai, as well as three retail malls, are expected to support the next phase of growth in its annuity business over the coming years.