DLF to invest Rs 500 cr on luxury housing projects

The country's largest realty firm, DLF, will invest about Rs 500 crore to develop three ultra-luxury housing projects in Shimla, Kasauli and Goa.

According to sources, DLF will develop about 170 villas and 100 flats at these locations under a new brand, 'Sama'.

The company will also build two hotels at Kasauli and Goa.

The total investment on these three projects would be about Rs 500 crore, they said, adding that the luxury villas in Shimla would be launched first. They said the company would sell the 24 villas being constructed at Shimla only to the elite at a price of about Rs 3 crore.

When contacted, DLF India Vice-Chairman Mohit Gujral confirmed that the company would be launching a new series of luxury housing projects under the brand 'Sama', but did not give other details.

"Sama, that literally means tranquillity, will offer exquisite living spaces where the only neighbours will be nature," he said.

Samatara-Shimla, Samavana-Kasauli and Samaraya-Goa will be a part of the Sama series and will be designed by Gujral.

According to sources, the hotel and villas at Kasauli would be managed by global hospitality chain Hilton, while the company is in talks with some Asian hotel chains for managing the villas and hotels at Goa.

DLF currently has a total developable area of 413 million sq ft, of which 55 million sq ft area will be under construction by the end of the first quarter of the next fiscal.

The company posted a consolidated revenue of Rs 2,161 crore for the quarter ended June 30, an increase of 24 per cent from Rs 1,746 crore in the year-ago period. Net profit rose by 4 per cent to Rs 411 crore from Rs 396 crore in the period under review.