Introduction
Real estate developer DLF is set to enter the Mumbai market with its first launch in the Andheri region. The apartments in the project are tentatively priced at Rs. 5.5 crore to Rs. 7.5 crore, which is likely to be fixed, said a company official.
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These are three-bedroom and three-plus-bedroom apartments, while their sizes have not been finalized, DLF Home Developers Chief Business Officer and Joint Managing Director Akash Ohri said during the earnings call. The first phase of the project will include a 1 million-square-feet development.
Leading real estate developer DLF is making its mark in the Mumbai market with its inaugural project in the Andheri area. Here are the key details about this important venture:
Project Overview
The first phase of the project will involve the development of 1 million square feet. DLF is collaborating with Trident Group in a joint venture to implement the Slum Rehabilitation Authority (SRA) project.
“As a result, we have identified a fresh pipeline of around 32 million square feet of new products with a sales potential of around Rs 79,000 crore. This is twice as consistent with what we have delivered in the last three to four years. We have plans to grow the business,” said DLF Group CFO Vivek Anand.
Prices and Apartments
The exact dimensions of the apartments are yet to be finalized. However, DLF has priced these three-bedroom and three-plus-bedroom apartments at ₹5.5 crore to ₹7.5 crore. This price reflects the upscale nature of the project, catering to buyers seeking quality living spaces.
However, the initial stage of the development encompasses a significant expansion covering 1 million square feet. Buyers will want spacious and well-designed living spaces in this project.
According to local brokers, three-bedroom apartments vary in carpet area from 1,000 sq ft to 1,500 sq ft in the case of luxury projects.
“We expect to launch these products in the next three or four years. We are working to launch the first phase of our project in Gurugram, Chennai, Goa, and Mumbai in the next 12 to 15 months,” said Anand.
Re-entry Into Mumbai
DLF is developing the Slum Rehabilitation Authority project in a joint venture with Trident Group. The listed company has announced its re-entry into the Mumbai real estate market with this project in July 2023.
DLF will officially re-enter the Mumbai real estate market with this project in July 2023. The project development has received a total investment of 400 crore rupees and will span an area of 3 to 3.5 million square feet.
We reflected long before re-entering the Mumbai real estate market. For a total salable project of 3-3.5 million sq. ft., we will spend Rs. 400 crores as equity investment,” said DLF CEO Ashok Tyagi. DLF will hold a 51 percent stake in the Special Purpose Vehicle (SPV) that will develop the project. Trident Group will hold the remaining 49 percent. It will be for slum rehabilitation.
DLF Consolidated Net Profit
DLF’s consolidated net profit rose 26 percent to Rs 649 crore in the third quarter of FY24. In this quarter, through various launches, the company raised Rs 9,047 crore, registering the highest-ever quarterly sales bookings. According to a regulatory filing, consolidated revenue rose to Rs 1,644 crore from Rs 1,559.66 crore in October-December.
Conclusion
This venture marks an important step for DLF, which aims to contribute to Mumbai’s real estate landscape and provide quality housing options to residents and investors. Get the latest information in the Indian real estate industry by following our Openplot.com Knowledge Center. With reliable and accurate information, it is a destination for anyone who wants to know about the Indian real estate sector.
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