The Delhi-NCR-based listed real estate developer DLF Limited is expecting approvals for its debut luxury housing project in Mumbai in next few weeks and is likely to launch the first phase of the project by the end of the fourth quarter of financial year 2024-25. However, the launch of the its super-luxury Goa project has been shifted to the next fiscal.
DLF’s Mumbai project, which is located at Andheri (West), is a Slum Rehabilitation Authority (SRA) venture. It is being developed in partnership with the Trident Group. In July 2023, the real estate major had announced its re-entry into the Mumbai property market with this project. The real estate major is expected to launch 0.9 million square feet to 1 msf in the first leg of the project.
Ashok Kumar Tyagi, Chief Executive Officer (CEO), DLF Limited, said that projects in Goa, Mumbai and Privana phase three in Gurugram are all under the approval process.
“Our current reading of it is that it looks at the Mumbai approval should come hopefully in the next few weeks, and we should be able to launch it. And the other two could overflow into the next quarter,” Tyagi said in an investors call last week.
He emphasised that there's no delay happening in Mumbai or Goa but those are newer geographies for DLF from an approval standpoint and the approval cycles are underway in both the places.
Market sources, however, said that the Mumbai project will be launched in March 2025.
Earlier, DLF Ltd had planned to launch its Andheri project in June 2024, but it got delayed because the approvals were pending.
DLF’s Andheri project will be a premium plus product. “We're going to be bringing the DLF lifestyle there (Mumbai), it's going to have the DLF kind of clubhouse and the services available,” Akash Ohri, Joint Managing Director and Chief Business Officer, DLF, said in the investors’ call.
The company had earlier said that the apartments in the Andheri project are likely to be priced in the range of Rs 6 crore to Rs 8 crore and may offer 3BHK and 3BHK plus apartments.
DLF Ltd will hold a 51 percent stake in the special purpose vehicle (SPV), which is developing the project. Under the partnership, DLF Ltd will manage the construction, sales and financial closure of this project.
Ohri said that the company is witnessing good demand for its Mumbai project and there is a “good amount of excitement” for a DLF product to come into Mumbai.
Goa pushed to FY26
The launch of DLF’s project in Goa has been pushed to the next financial year 2026 due to the want of the approvals.
“Hopefully, once the approval cycles come complete, we should be in a position to launch. Right now, the way it looks, Mumbai should launch first and Goa maybe after some time…it could overflow into the next quarter (Q1FY26),” Tyagi said in the call.
DLF’s Goa project will be a super-luxury project. The ‘by-invitation’ project will feature around 62 luxury villas in the Reis Magos area of Goa.
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The super-luxury project will be developed on a 38-acre hill facing Mandavi river. The ticket size for these villas is expected to fall between Rs 40 crore and Rs 50 crore.
DLF Ltd on January 24 had reported a 62 percent year-on-year (YoY) jump in its consolidated net profit at Rs 1,055 crore for the quarter ended December 31, 2024.
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