The share of NRI (non-resident Indian) investment in the total sales of listed real estate developer DLF has surged above 27 percent in financial year 2024-25, up from 23 percent in FY 2023-24, Aakash Ohri, Joint MD and Chief Business Officer of DLF Home Developers Ltd, told Moneycontrol.
According to data provided by the company, the NRI share has witnessed a growth of at least four percentage points in FY25, in comparison to the last financial year. The share of NRI sales in DLF’s total sales was 23 percent.
The share of NRI investment in total sales was only 14 percent in FY 2022-23. In financial year 2021-22, it was 5 percent, while it was only around 2-3 percent in financial year 2020-21, the data showed.
DLF, which is India’s largest listed real estate company, has recorded its highest ever sales booking of Rs 21,223 crore in FY25. The consolidated sales booking in FY25 had increased by 44 percent year on year (YoY), compared to that of Rs 14,778 crore in FY24.
In an exclusive chat with Moneycontrol, Ohri said that though the key NRI markets for DLF include the US, Southeast Asian countries, Africa and Gulf countries, the company has, in FY25, also added new NRI buyers from Australia, Kuwait, Jakarta and Canada.
He said that the share of NRI investment is growing “consistently” as DLF’s recently sold-out luxury housing project ‘Privana North’ in Gurugram witnessed over 27 percent sales bookings from NRIs.
“It is the highest NRI contribution in total sales since 2021. Our recent project launches further highlight strong NRI traction as NRI buyers accounted for 25 percent of sales in DLF Privana South (around Rs 1,855 crore), 27.8 percent in DLF Privana West (approximately Rs 1,545 crore), and for The Dahlias. Out of the total sales, around 14 percent contribution has been from NRIs so far. The US, the UK, Singapore and Gulf countries are the biggest NRI contributors to our sales,” Ohri told Moneycontrol.
He added that Gurugram has emerged as a leading investment destination for NRIs, both in terms of rental yield and capital appreciation, particularly in projects which have delivered consistent incremental returns over the past five years.
The NCR region now has a concentration of ultra high net-worth individuals (UHNIs), business families, industrialists, and NRIs, many of whom are spending more time in India than before.
“With this momentum, we are now preparing to enter markets like Mumbai and Goa. As we continue to engage with our NRI customers globally, we observe comparable levels of interest in DLF projects in Mumbai and Goa as we do in Gurugram, Delhi, or Panchkula. Much like domestic buyers, NRIs are showing a strong inclination towards real estate investment in DLF projects,” he said.
Earlier, the company said that there is good demand for luxury homes and it plans to launch housing properties worth over Rs 17,000 crore in the current fiscal year.
The company has also received RERA approval for its Mumbai project earlier this month and is planning to launch the project in Q2FY26.
DLF Ltd had, on May 19, reported a 59 percent year-on-year (YoY) jump in its consolidated net profit at Rs 4,357 crore, the company said on May 19 while announcing results for the quarter ended March 31, 2025.
DLF has developed more than 185 real estate projects, covering an area of over 352 million square feet, since its inception in 1946.
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