Housing demand outlook remains positive; urbanisation, affordability, aspiration to drive sales: DLF Chairman Rajiv Singh

economictimes.indiatimes.com:

DLF Chairman Rajiv Singh remains bullish on India's housing sector and expects strong sales momentum to sustain on the back of rapid urbanisation, improved affordability and aspirational need. Singh also noted that the sector is witnessing a consolidation in demand towards credible and organised real estate developers. In a message to DLF's shareholders in annual report for 2022-23, Singh said the housing sector continues to experience strong demand.

«The outlook for housing demand remains positive, with sustained momentum expected due to factors such as urbanization, improved affordability, favourable consumer sentiments and increasing aspirational need,» he said. Singh observed that the housing sector is witnessing a trend of consolidation, which is skewed towards the more organized and credible developers. «This trend is primarily influenced by heightened consumer confidence in these brands, substantial improvements in their financial positions and their ability to deliver high-quality, secure and sustainable ecosystems over the years,» he explained.

During the last fiscal, Singh said the company's development business witnessed exceptional new sales bookings. DLF's sale bookings jumped more than two-fold to a record Rs 15,058 crore in the last fiscal from Rs 7,273 crore in the previous year. The company clocked Rs 8,000 crore sales bookings from a single luxury housing project «The Arbour» which was launched in Gurugram during the March quarter.