DLF stock hits fresh 52-week high after arm acquires Gurugram land parcel for Rs 1,241 cr

DLF’s wholly-owned subsidiary DLF Home Developers entered into private treaty with Axis Trustee Services and IREO Private to acquire land parcel in Gurugram for Rs 1,241 crore

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Shares of DLF rallied over 3 percent to hit a fresh 52-week high of Rs 891.6 per share on February 21 after its wholly-owned subsidiary DLF Home Developers entered into private treaty with Axis Trustee Services and IREO Private to acquire land parcel in Gurugram for Rs 1,241 crore.

The stock of this realty major has surged over 22 percent so far this year, as against 1 percent rise in the benchmark Sensex.

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DLF’s arm will acquire land in Gurugram, Haryana under the provisions of SARFAESI Act and the total development potential of this land will be based on all eligible floor area ratio (FAR), which would be 7.5 million square feet.

Out of the 28.5 acres of land, registration and transfer of first tranche, which is 19.3 acres of land parcels, has been completed against DLF Home Developers for Rs 858 crore. “The remaining land parcels would be acquired by DLF Home Developers subject to requisite approvals or permissions,” the exchange filing read.

ALSO READ: Mumbai real estate: DLF’s first project may have apartments in Rs 5.5 crore to Rs 7.5 crore range

In Q3FY24, DLF clocked highest quarterly sales booking of Rs 9,047 crore backed by multiple launches during the quarter, while net profit rose 26 percent year-on-year (YoY) to Rs 649 crore.

“We witnessed healthy demand momentum across all these products and both projects in Gurugram were completely sold out within a record time. With this strong performance, the new sales bookings for the nine-month period stood at Rs 13,316 crore and hence will be comfortably exceeding our full year guidance,” the exchange filing read.

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