The country's largest realty firm, DLF, has mopped up about Rs 100 crore (Rs 1 billion) as booking amount for flats it had offered in the second phase of its housing project in the heart of the National Capital.
The company had launched 1,250 apartments in the second phase of its housing project -- Capital Greens -- at Shivaji Marg, near Moti Nagar in New Delhi. It sold all the apartments within just two hours of opening the bookings last week.
The selling prices of the housing units were increased by up to 26 per cent compared to that in the first phase and were offered at Rs 1.86 crore (Rs 18.6 million).
According to sources, DLF raised about Rs 100 crore from booking amount of the 2-, 3- and 4-BHK apartments.
The company had kept the booking amount at Rs 7.5 lakh (Rs 750,000) for 2- and 3-BHK units and Rs 10 lakh (Rs 1 million) for the 4-BHK flats.
When contacted, DLF managing director T C Goyal said: "If you have quality product, right pricing, good location and credibility of the builder, then there is no dearth of buyers in the market."
To keep away the speculators, against one PAN card the company allowed booking for only a single flat.
The second phase of Capital Greens was launched at Rs 6,750, Rs 7,500 and Rs 8,000 per sq ft depending upon the location of the dwelling units within the complex.
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 company plans to deliver the project within next three years.
The sizes of the apartments would be from 1,210 sq ft 2,720 sq ft and would carry effective price tags between Rs 68.69 lakh (Rs 6.869 million) and Rs 1.86 crore.
The price announced by DLF was higher than the rates at which the company had sold its flats in the first phase. It had launched about 1,400 units in Phase-I at a price of Rs 4,500 (2-BHK) and Rs 5,500 (3-BHK).
The 38-acre project site at Shivaji Marg, near Moti Nagar, was acquired by DLF in 2007 from DCM Shriram and Lohia Group for Rs 1,675 crore (Rs 16.75 billion).
Another realty player Parsvnath has two residential projects in Delhi. 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.
