Real estate developer DLF sold as many as 1,137 high rise apartments for more than ₹8,000 crore in a span of three days, the company said in a stock exchange filing on Thursday. The apartments have been sold in the pre-launch sale of DLF’s s luxury high-rise residences, The Arbour, which is located at DLF Sixtythree on Golf Course Extension in Sector 63, Gurugram. As per the regulatory filing, The Arbour marks DLF’s entry into the micro market at Golf Course Extension and is spread over 25 acres, with five towers that rise up to 38/39 stories. The starting price of each apartment is ₹7 crore.
"Our latest luxury offering, 'The Arbour' has received a phenomenal response even before it was launched. We are truly humbled by the interest we have received from the most discerning homebuyers in the country and overseas. This is clearly an endorsement of the highly aspirational DLF lifestyle. It is perhaps a new touchstone in the luxury real estate segment. Significantly, over 95% of the buyers are individuals who have bought into The Arbour for their end usage. We can only attribute this to the trust reposed in us by our valued buyers, backed by a legacy of leadership of over 75 years. Our innovation, diligence and commitment to the customer and the long wait for a new high-rise DLF project have predominantly contributed to this response," said Aakash Ohri, Group Executive Director and Chief Business Officer, DLF.
"With its unrivalled location, immaculately designed spacious residences, and a host of lifestyle amenities, The Arbour will undoubtedly be one of the most coveted and landmark developments in Gurugram. The area has emerged as a highly accessible and aspirational location being a natural extension to Golf Course Road, with seamless connectivity to other parts of Gurugram, as well as Delhi and Faridabad," he added.
Following the development, shares of DLF surged 4% on Thursday to hit an intraday high of ₹360.45 apiece on the Bombay Stock Exchange. During the session, shares of DLF opened a tad higher at ₹347 as against the closing price of the previous session at ₹346.55. The market capitalization of the real estate firm stood at ₹88,430.51 crore with 1,47,683 shares exchanging hands against the two-week average of 1.53 lakh.
Notably, in December last year, Noida Authority served a legal notice to DLF for the payment of ₹235 crore as compensation to the previous owner of the land on which the Mall of India has been built. DLF Mall of India, one of the biggest and largest shopping malls in India spread over 2 million square feet, is situated in Sector 18, Noida's commercial hub. The land where the mall has been built was acquired by the Noida Authority, which comes under the Uttar Pradesh government's Industrial Development Ministry, in 2005 and was later auctioned to DLF.