DLF Share Price Climbs After Luxury Project's North Phase Sells Out

DLF Ltd.'s share price rose by nearly 2% on Wednesday after the company announced the complete sellout of its luxury project, DLF Privana North, for approximately Rs 11,000 crore. The high demand for premium residential properties in Gurugram led to the apartments being sold out within just one week.

DLF Privana North is part of the expansive 116-acre integrated township, DLF Privana, situated in Sectors 76 and 77, Gurugram. The North phase covers 17.7 acres and includes six premium towers, each rising to stilt+50 storeys, making them the tallest residential structures developed by DLF to date. The project comprises around 1,152 four-bedroom residences and 12 grand penthouses, according to an exchange filing.

The company has also received a positive response for its other phases, DLF Privana South and Privana West. The floor plans for the 4 BHK apartments measure approximately 207 square meters (2,236 square feet) in carpet area, while the penthouses extend up to 450 square meters (4,847 square feet).

The scrip rose as much as 1.86% to Rs 867.25 apiece. It pared gains to trade 0.53% higher at Rs 856 apiece, as of 10:31 a.m. This compares to a 0.093% advance in the NSE Nifty 50.

It has fallen 2.59% in the last 12 months. Total traded volume so far in the day stood at 0.42 times its 30-day average. The relative strength index was at 67.

Out of 24 analysts tracking the company, 22 maintain a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.9%.