DLF may launch close to 9 lakh sq ft in Andheri West: Sources

DLF's sales bookings remained flat at Rs 2,040 crore in the June quarter.

Real estate major DLF, which announced its re-entry into the Mumbai property market on July 21, may launch close to nine lakh square feet (sq ft) of space in Andheri West along with its partner Trident Group as part of the first phase of the project in the metropolis, sources told Moneycontrol.

An investor call is scheduled for Monday. The story will be updated then.

A detailed questionnaire has been sent to the company.

According to a regulatory filing, DLF Home Developers Ltd's (DHDL) wholly-owned arm, Pegeen Builders & Developers, will allot 9,800 equity shares of Rs 10 each at par to Delhi-based realty firm Trident Buildtech. DHDL has executed a securities subscription and shareholders' agreement in this regard. Following the allotment, the stake of DHDL, a subsidiary of DLF, in Pegeen will come down to 51 per cent.

Trident, through its wholly-owned subsidiary Sahyog Homes Ltd, is currently developing a slum rehabilitation project in Andheri (West), Mumbai. Pegeen has agreed to enter into a development agreement with SHL to develop the project's first phase.

DLF, on July 21, reported a 12 percent increase in consolidated net profit to Rs 527 crore in the first quarter of this fiscal. The company's net profit stood at Rs 469.57 crore in the year-ago period. Total income rose marginally to Rs 1,521.71 crore in the April-June period of the financial year 2023-24 from Rs 1,516.28 crore in the year-ago period, according to a regulatory filing.

The company's sales bookings remained flat at Rs 2,040 crore in the June quarter.

In 2012, DLF had sold 17 acres of prime land in Mumbai to Lodha Group (Macrotech Developers) for about Rs 2,700 crore.