Real estate developer DLF has said that its sales booking rose 16 per cent to Rs 1,425 crore during the first six months of this financial year, mostly owing to the demand for its ready-to-move in residential units, reports Business Standard.
According to the report, DLF achieved sales booking of Rs 1,225 crore in the same period a year ago.
"Sales target of Rs 2,700 crore for FY (financial year) 2019-20. Achieved Net Sales of Rs 1,425 crore till September 2019," DLF, country’s largest real estate firm in terms of market capitalisation, said in an investors presentation.
Last month, on the first day of the launch of its housing project in Gurugram, the company sold 376 ready-to-move in luxury flats worth Rs 700 crore, DLF said.
Despite the fact that the housing sector is facing a demand slowdown, the builders are reportedly able to find buyers for ready-to-move in inventories, which are not only exempted from Goods and Services Tax (GST) but are also risk free.
The company had a few years back decided to sell only the completed flats or those that they are on the verge of completion in view of the market condition.
DLF said that it is still left with completed housing stock worth Rs 10,145 crore at the end of the July-September quarter of the fiscal year, down from the peak number of about Rs 15,000 crore of completed unsold units.
"Our strategy of build and sell has worked out to be a successful one. Given the overhang owing to numerous factors, the markets are expected to lean towards developments which are either complete or at advanced stages of completion and mitigate various risks perceived to be attached to under construction projects," DLF Whole Time Director Ashok Tyagi said.
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