Mumbai: India's largest realty firm DLF Ltd has re-entered the Mumbai market and will invest around Rs 900 crore to develop a luxury housing project at Andheri (West), a senior company official said.
In July 2023, DLF had announced its re-entry in the Mumbai market with plans to develop a luxury housing project in Mumbai in partnership with NCR-based builder Trident group.
"We have launched a luxury housing project 'Westpark' in Mumbai comprising 416 apartments," DLF Home Developers Joint Managing Director Aakash Ohri told PTI.
He said the company has launched this 5.18-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It is selling flats in a range of Rs 4 crore to Rs 7.5 crore.
Asked about the investment, Ohri said, "It will be around Rs 800-900 crore".
The total sales realisation will be around Rs 2,300 crore, he added.
Ohri said the initial demand has been very encouraging from customers.
"We plan to sell around 200 units," he said, adding that the company might sell the entire 416 units in case of high demand.
In 2023, DLF had said that the company will hold a 51 per cent stake in the special purpose vehicle (SPV), which would develop this project. The remaining 49 per cent will be with Trident Group.
This is a Slum Rehabilitation Authority (SRA) project.
In 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for Rs 2,700 crore.
It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any projects.
DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in the 2024-25 fiscal, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year.
DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at Rs 20,000-22,000 crore, almost in the same range as last financial year.
Last month, the company launched and completely sold the 'DLF Privana North' housing project in Gurugram, comprising 1,164 units.
DLF will invest around Rs 5,500 crore to develop this 17.7-acre project, which has already been completely sold out for around Rs 11,000 crore.
With the successful launch of the Gurugram project, DLF has already achieved 50 per cent of its annual sales bookings target.
On financial performance, DLF's net profit increased to Rs 4,366.82 crore during the 2024-25 fiscal from Rs 2,723.53 crore in the preceding year.
Total income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial year.
Since its inception, DLF has developed more than 185 real estate projects and developed an area of more than 352 million square feet.
DLF Group has 280 million square feet of development potential across the residential and commercial segments, including current projects under execution and the identified pipeline.
The group has an annuity portfolio of over 45 million square feet.
DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
