DLF Limited, a leading real estate developer based in the Delhi-National Capital Region (NCR), is poised to launch the first phase of its Mumbai project in the fourth quarter of the financial year 2025, which concludes on March 31.
As reported by the Money Control, this significant development, situated in Andheri (West), is part of the Slum Rehabilitation Authority (SRA) initiative and is being executed in partnership with the Trident Group.
In July 2023, DLF announced its re-entry into the Mumbai property market with this project, marking a pivotal moment in its expansion strategy.
The first phase of the Mumbai project will consist of approximately 1 million square feet of development, with plans for over 5 million square feet in subsequent phases. This phased approach is designed to facilitate effective management of resources and respond to market demand.
During a recent investors’ call, DLF’s Chief Executive Officer, Ashok Kumar Tyagi, provided insights into the status of project approvals, stating they are at an advanced stage. While some concerns were raised regarding potential delays due to the upcoming Maharashtra assembly elections on November 20, Tyagi reassured investors that these approvals are standard and not expected to significantly affect the project’s timeline. He noted that the initial launch was previously scheduled for June 2024 but was delayed due to pending approvals.
DLF reported a 121 percent year-on-year increase in consolidated net profit, reaching ₹1,387 crore for the quarter ending September 30, 2024. This growth represents a substantial rise from the ₹628 crore reported during the same period last year. Additionally, DLF’s consolidated revenue surged 48 percent year-on-year, totaling ₹2,181 crore, compared to ₹1,476.42 crore in the previous year’s second quarter.
Following the announcement of the Mumbai project and its robust financial results, DLF’s shares increased by 6.35 percent, trading at ₹826.50 on the Bombay Stock Exchange. This uptick reflects growing investor confidence in the company’s future prospects.
The Andheri project will serve as DLF’s pilot initiative in the Mumbai market, and its success will determine the company’s future expansion efforts in the city. Akash Ohri, Joint Managing Director and Chief Business Officer of DLF Homes, stated that any further acquisitions in Mumbai will depend on the outcome of this project. DLF will hold a 51 percent stake in the special purpose vehicle (SPV) responsible for the project’s development, overseeing construction, sales, and financial closure.
DLF Limited’s upcoming project in Andheri is a landmark development that underscores the company’s strategic re-entry into Mumbai’s competitive real estate market. With a solid financial foundation, advanced approval status, and a phased development plan, this project is expected to reshape the residential landscape in the area. As the launch approaches, both stakeholders and potential buyers are keenly awaiting the developments surrounding this significant venture.