“DLF ventures into Mumbai’s real estate with apartments priced between Rs 5.5 Cr to Rs 7.5 Cr, signaling strategic expansion plans”
In a significant move into the Mumbai real estate market, DLF, the renowned real estate developer, is set to launch its inaugural project in the Andheri area. This development marks DLF’s collaboration with the Trident Group in a joint venture to undertake a Slum Rehabilitation Authority initiative. The project’s first phase, covering a substantial 1 million square feet, represents a significant investment by DLF.
A DLF official disclosed that the apartments in this project are expected to be priced in the range of Rs 5.5 crore to Rs 7.5 crore. While these residences will primarily feature three bedrooms or more, the exact sizes are yet to be finalized. Aakash Ohri, Chief Business Officer and Joint Managing Director of DLF Home Developers, shared insights during an earnings call, shedding light on the company’s plans for this ambitious venture.
DLF’s decision to venture into Mumbai’s real estate market underscores its strategic expansion efforts. The company aims to infuse Rs 400 crore in equity to drive the development of this project, with an anticipated saleable area of 3 million to 3.5 million square feet. This bold move aligns with DLF’s broader strategy to bolster its presence in key markets across India.
Furthermore, DLF is poised to launch similar projects in other prominent cities like Gurugram, Chennai, and Goa, along with subsequent phases of development in Mumbai. Vivek Anand, Group CFO of DLF, highlighted the company’s growth trajectory during an earnings call, emphasizing their robust pipeline of new projects totaling approximately 32 million square feet. This pipeline reflects DLF’s commitment to scaling up its business operations and delivering significant value to stakeholders.
The company’s latest financial report revealed promising results, with a notable 26% increase in consolidated net profit to Rs 649 crore in the third quarter of FY24. DLF attributed this success to robust sales bookings, reaching an impressive Rs 9,047 crore during the quarter. These achievements underscore DLF’s resilience and strategic prowess in navigating the dynamic real estate landscape.
As DLF forges ahead with its ambitious Mumbai project and other forthcoming developments, stakeholders eagerly anticipate the transformative impact of these initiatives on the real estate landscape and broader economic ecosystem.