The Delhi-National Capital Region (NCR)-based real estate developer DLF Limited, a listed company, is likely to launch the first phase of its Mumbai project in the fourth quarter of financial year (FY) 2025, ending March 31.
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.
Ashok Kumar Tyagi, Chief Executive Officer (CEO), DLF Ltd, said during an investors' call that approvals for the project are at an advanced stage and the company is hopeful of launching it in the fourth quarter of the current financial year.
“Approvals for the next phase of Privana, Mumbai; and Goa projects are at advanced stages. I'm not sure whether the Maharashtra election code of conduct has a bearing on the Mumbai project because these are fairly routine approvals. Besides, none of these are policy approvals. For the Mumbai project, the launch is likely happen in the fourth quarter, unless there is something completely unforeseen at that point in time,” Tyagi said while answering to a query if the project approvals may get delayed due to upcoming assembly elections in Maharashtra, which will be held on November 20.
Earlier, DLF Ltd had planned to launch its Andheri project in June 2024, but it got delayed because the approvals were pending.
Tyagi said the project would be developed in phases. The first phase of the project consists of 1 million square feet (sq ft) of development.
“In the first phase, we are launching around 1 million sq ft. It has a potential for over 5 million sq ft of development in subsequent phases,” he added.
Andheri project will be the pilot project for DLF Ltd in the Mumbai market, and a future expansion in the metropolis will be based on the success of this venture. “Any further acquisitions in Mumbai can happen only after the launch of the Andheri project,” said Akash Ohri, Joint Managing Director (MD) and Chief Business Officer, DLF Homes.
DLF Ltd will hold a 51 per cent 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.
DLF Ltd's shares rose by 6.35 per cent to Rs 826.50 on BSE at 12.23 pm on October 28 after company reported a 121 per cent jump in its net profit. On October 25, DLF Ltd's shares on BSE had closed 3 per cent lower at Rs 777.7 apiece.
On October, DLF Ltd reported a 121 percent YoY jump in its consolidated net profit at Rs 1,387 crore for the quarter, ended September 30, 2024.
The company had posted a net profit of Rs 628 crore in the year-ago period, the company said in a regulatory filing.
DLF's consolidated revenue surged 48 per cent YoY to Rs 2,181 crore in the July-September 2024 quarter, as compared to Rs 1,476.42 crore in Q2FY24.
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