New Delhi, Feb 14 (PTI) Realty major DLF’s net sales bookings rose by 78 per cent to Rs 480 crore in the third quarter of this fiscal mainly on improved demand for ready-to-move-in homes.

The company’s net sales bookings stood at Rs 270 crore in the year-ago period.

DLF, the country’s largest realty firm, opened its sales booking from November 2017 after a gap of six months as the company had suspended sales from May to align its business with the new real estate law RERA and the GST.

“Restarted sales with effect from November, 2017 after completing compliance of provisions of RERA,” DLF said in investor presentation.

“Gross sales of Rs 665 crore and net sales booking of Rs 480 crore Q3FY18. This is in comparison to net sales booking of Rs (55) crore in Q2,FY18,” it added.

The gross sales bookings stood at Rs 660 crore in the corresponding period of last financial year.

Net sales are actual sales after factoring in any cancellation/upgradation of apartments by DLF customers.

The revenue recognition of sales bookings achieved in the third quarter will reflect in the quarter ending March, 2018.

DLF expects market to recover in the upcoming quarters and said it is well poised to take advantage of the momentum since it has created a large inventory of finished products.

“Process has been initiated to start construction at Midtown (Central Delhi) (about 7 million sq ft). This project is in JV with GIC Singapore. The current price in the secondary markets for Capital Green III (finished product) is about Rs 17,000 per sq ft,” the presentation said.

In September 2015, GIC had invested about Rs 2,000 crore in DLF’s two housing projects in the national capital. DLF had sold about 50 per cent stake each in these two upcoming projects.

DLF is currently developing 11 million sq ft of projects and has a land bank of 235 million sq ft.

This is published unedited from the PTI feed.