DLF project sold within an hour of launch in Panipat

DLF Project: DLF's Panipat project reportedly was sold out within an hour of launch generating Rs 200 crore. The biggest realty developer in National Capital Region has ventured into the tier 3 market with a 10-acre plotted development project in Panipat, Haryana.

Demand for Plotted Projects

As per Economic Times, DLF project was sold at 15-25% premium compared to its competitors. DLF is also pushing large-scale projects for the second half of the financial years and is focusing on plotted and low-rise developments to generate revenue.

Also Read: 670 Godrej Properties' Apartments worth Rs 2,000 crore sold in Noida

“DLF is already there in Panchkula, and the Panipat land was old, which it monetised at the right time. The project was sold at a 15–25% premium compared with its competitors. There is a lot of demand for plotted projects in these small towns within 2-3 hours driving distance from Delhi”, a market expert told Economic Times

“There are two big projects coming up in Gurgaon, while another project is lined up for launch in Mumbai. Since there was no major launch in the first two quarters, DLF focused on clearing small projects and generating cash flow to meet the guidance for the year,” another market expert tolf Economic Times.

DLF has sold low-rise apartments worth Rs 7,650 crore in the NCR and Panchkula, since october 2020. The real-estate giant is also set to launch projects worth Rs 20,000 crore this fiscal year, with the combined value of two upcoming projects in Gurgaon estimated to be Rs 15,000 crore.

Projects in Tier-3 Cities

Realty developers including Godrej, Eldeco, Trident Realty, Mapsko, M3M, and Alpha have also initiated projects in smaller towns such as Alwar, Sonepat, Panipat, and Meerut, among others. The smaller cities around Delhi like Meerut, Karnal, and Alwar will soon connect to Delhi and Noida via brand new rapid train corridors that are separate from the congested century old rail roads.

As per Economic Times, experts globally said that many buyers seek destinations within 2-3 hours by car from their main city base for a spacious second home. With hybrid work cultures becoming more prevalent, many people are moving back to their hometowns, driving residential property demand.