GURUGRAM— Realty major DLF Ltd. plans to invest ₹6,000 crore to develop 7.5 million square feet of office and retail space in Gurugram, responding to rising demand for premium commercial properties, as published by Hindustan Times.
DLF Cyber City Developers Ltd. (DCCDL), DLF’s rental arm and a joint venture with Singapore’s sovereign wealth fund GIC, will oversee the project. DLF holds a 67% stake in the venture.
In its latest investor presentation for the fiscal third quarter, DLF announced that DCCDL has begun constructing 5.5 million square feet of Grade A+ office spaces as part of the next phase of its high-end commercial project, “DLF Downtown, Gurugram.”
Additionally, DCCDL has started work on the DLF Mall of India in Gurugram, which will span 2 million square feet. The combined investment for these developments is projected at ₹6,000 crore. So far, DCCDL has completed 3.7 million square feet of construction.
DCCDL holds the majority of DLF Group’s rent-generating assets, with a total operational portfolio of 40.4 million square feet. This includes 36.4 million square feet of office space and 4 million square feet of retail real estate.
Demand for Grade A+ commercial spaces in India is being driven by global corporations, particularly technology firms seeking sustainable, scalable, and high-quality office environments, said DLF Vice Chairman and Managing Director (Rental Business) Sriram Khattar.
“DLF strives to deliver top-tier spaces tailored to meet the long-term needs of global companies,” Khattar said. He added that Global Capability Centers (GCCs) are playing a significant role in driving office space demand across major Indian cities.
On retail expansion, Khattar noted that India’s rapidly growing economy, combined with a rising middle and upper-middle class, is fueling growth in organized retail.
“International brands continue to view India as a key growth destination,” Khattar said, highlighting that DLF has a strong pipeline of upcoming retail projects. He added that the company expects to complete 1.3 million square feet of retail space this year, with an additional 2 to 2.5 million square feet slated for completion within the next three years.
In the December quarter, DCCDL’s rental income rose 10% to ₹1,194 crore, supported by higher occupancy rates and rent increases. Office properties contributed ₹962 crore to this total, up from ₹876 crore in the same period a year earlier. Retail properties generated ₹231 crore in rental income, an increase from ₹213 crore.
DCCDL’s revenue climbed 9% year-over-year to ₹1,609 crore, up from ₹1,476 crore in the previous year in the October-December period, while net profit surged to ₹941 crore from ₹434 crore a year ago.
DLF remains India’s largest real estate developer by market capitalization, with a significant presence in Delhi-NCR and Tamil Nadu. Since its inception, the company has developed over 185 projects covering more than 352 million square feet. DLF has a future development potential of 220 million square feet across residential and commercial sectors.