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DLF sells 1,250 flats within two hours

This article was posted on Sep 22, 2009 and is filed under Stock News

NEW DELHI: DLF, the country’s largest real estate developer, today launched the second phase of its housing project in the heart of National Capital and sold all the 1,250 apartments within two hours.

The company sold all the flats, offered at prices of up to Rs 1.86 crore, though it has raised the selling price of its units by up to 26 per cent compared to the first phase.

“Even with increased price, we have received tremendous response for our product. We initially planned to launch 650 units in the second phase, but due to huge demand we decided to offer more,” DLF Managing Director T C Goyal told PTI.

The company has launched the second phase of the project — Capital Greens — at Rs 6,750 (2-BHK), Rs 7,500 (3-BHK) and Rs 8,000 (4-BHK) per sq ft.

However, the effective rate would come down to Rs 5,677, Rs 6,363 and Rs 6,820 per sq ft respectively as DLF would offer a discount of Rs 500 a sq ft for timely payment and 8.5 per cent rebate on down payments.

The sizes of the apartments would be of 1,210 sq ft-2,720 sq ft and would carry effective price tags between Rs 68.69 lakh and Rs 1.86 crore.

The price announced by DLF is higher than the rates at which the company had sold its flats in the first phase. DLF had launched about 1,400 units in Phase-I at a price of Rs 4,500 (2-BHK) and Rs 5,500 (3-BHK).

Goyal said the success of Capital Greens would help in boosting confidence of the real estate sector.

The project is coming up at Shivaji Marg, near Moti Nagar. In 2007, DLF had acquired the 38 acres from DCM Shriram and Lohia Group for Rs 1,675 crore.

In the National Capital, Parsvnath has two residential projects. The selling price of Subhash Nagar project is Rs 7,500 per sq ft and that of Civil Lines project is Rs 10,000 a sq ft.

Emaar MGF is selling apartments at Rs 12,700 per sq ft in its Commonwealth Games project.

source: Economictimes

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