"Sales were halted from May 1 due to RERA (real estate law) implementation. New sales bookings have opened on November 1, 2017," DLF had recently said in an analyst presentation.
The company adopted a cautious, conservative approach to understand the rules and regulations before opening new sales, it added.
The Real Estate (Regulation and Development) Act, which was passed by Parliament last year, was implemented from May this year and required all ongoing and new projects to be registered with the state authority.
After opening sales from last month, sources said DLF has seen good demand for its projects in Gurgaon and achieved a sales bookings of around Rs 300 crore.
The selling price of premium project 'The Crest' is Rs 5 crore onwards. This project was launched in May 2013 and is ready for possession.
DLF, the country's largest real estate major, currently has about Rs 15,000 crore finished inventories, primarily in Gurgaon, because of multi-year slowdown in the realty sector. The company plans to sell these inventories in the next few years.
Despite the disruption to the sales activity, the company said that it continued to focus on completion of projects and has now created completed, finished inventory for new sales going forward.
The loss from net sales booking due to cancellation/ upgradation came down to Rs 55 crore in the second quarter of 2017-18, from Rs 125 crore in the preceding quarter, DLF had said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.