DLF Ltd. is testing Mumbai’s luxury market for condominiums with a project in the city before launching more in the financial hub, a senior official at India’s biggest real estate developer said.
The development will be in the western suburb of Andheri, and will comprise of three or more bedroom apartments spread over 1,600 square feet (148.64 square meters) to 1,700 square feet, Aakash Ohri, Joint Managing Director at DLF Home Developers Ltd.
at the company, said in an interview. The Mumbai project is what DLF refers to as a “luxury premium” property where they earn higher margins, said Ohri, adding that the entry price points would be “quite competitive.”
DLF on Monday reported its highest annual profit since the year ended March 2018, with a conservative pre-sales guidance for next year, considering the demand for luxury housing. In January, it sold all $865 million worth of homes in its Privana South project in Gurugram within three says of launching. DLF Privana West, which launched in May, also sold out in three days.
In Mumbai, DLF will compete with Macrotech Developers Ltd., Oberoi Realty Ltd. and Keystone Realtors Ltd. to attract customers for its luxury offerings.
Last year was the best for home sales in India since 2008, bucking a global slowdown in the real estate sector. The pandemic, which forced people to stay indoors during lockdowns and work out of smaller homes, accelerated the desire of Indians to buy more luxurious homes, Ohri said. Following the trend, developers are prioritizing premium homes over affordable ones, according to Knight Frank India.
DLF is best known for developing Gurgaon, roughly 30 kilometers (20 miles) southwest of New Delhi. It was renamed Gurugram in 2016. The area boasts of luxury condominiums and offices of multinational companies such as Coca Cola Co. and Oracle Corp.
DLF’s plans for the beach-side holiday spot of Goa are grander. It will build around 62 villas on a 58-acre (23.5 hectare) hill, which will cost between $5 million to $6 million, according to Ohri.
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