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Business Standard
25-07-2025
- Business
- Business Standard
DLF's comeback project in Mumbai sees ₹2,300 cr sales in first week
New Delhi-based real estate major DLF's first project in Mumbai, marking its comeback in the market in partnership with Trident Realty, has achieved sales of Rs 2,300 crore. The first phase of the project, launched recently, sold out completely within a week. The company launched four towers as part of the first phase. The project—The Westpark—is a premium residential development located off Link Road, Andheri West, Mumbai. Aakash Ohri, joint managing director and chief business officer of DLF Home Developers (a wholly owned subsidiary of DLF), described the company's success in Mumbai as a bigger statement than Privana North—DLF's luxury project in Gurugram, which generated Rs 11,000 crore in sales within a week of its launch. Ohri told Business Standard that the company was able to command prices between Rs 42,500 and Rs 53,000 per square foot (sq ft) while selling The Westpark, with one of its five penthouses in the first phase sold at Rs 70,000 per sq ft. The company secured margins between 39 and 40 per cent from the sales. DLF, the largest listed Indian real estate developer, holds a 51 per cent stake in The Westpark, with the remaining share owned by Trident, another Gurugram-based real estate company with several projects in Mumbai. 'Initially, we launched only two of the four planned towers, but due to exceptional demand, we brought all four towers to market, resulting in the sellout of all 416 units,' Ohri said. The Westpark spans 5.18 acres and is part of a larger 10-acre master plan. The development will comprise eight residential towers, with the first phase introducing four towers, each rising 37 storeys and offering a total of 416 residences. The homes include a select mix of 3- and 4-BHK residences ranging from 1,125 to 2,500 sq ft (carpet area). Located off Link Road in Andheri West, The Westpark offers access to the Western Express Highway, SV Road, the New Link Road, and upcoming developments like the elevated JVLR and Coastal Road. Residents are expected to benefit from seamless travel across the city, north to south and east to west, DLF added. Ohri stated that the company has already received 5-20 project proposals in Mumbai. 'We want to start and get this product off the ground first, show some strength and ability, and then get down to doing it (more projects in Mumbai),' he added. Additionally, the second phase of The Westpark is expected to launch next year and is anticipated to generate revenues of Rs 2,300-2,500 crore more.
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Business Standard
25-07-2025
- Business
- Business Standard
DLF-Trident Realty JV sells all 416 flats in Mumbai project for ₹2,300 cr
India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs 2,300 crore in a luxury residential project in Mumbai on high demand. In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs 2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. "Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. "Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," he added. DLF and Trident Realty will invest around Rs 900 crore to develop this luxury housing project at Andheri (West). The company launched the first phase of this 5-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It sold flats in a range of Rs 4 crore to Rs 7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49 per cent would be with Trident Group. This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel. But, 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 project. DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in 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 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 Gurugram and Mumbai projects, DLF has already achieved more than 50 per cent of its annual sales bookings target. On financial performance, DLF's net profit increased to Rs 4,366.82 crore during 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 more than 352 million square feet. DLF Group has 280 million square feet of development potential across residential and commercial segment, 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).
Economic Times
25-07-2025
- Business
- Economic Times
DLF-Trident Realty JV sells all 416 flats in Mumbai project for Rs 2,300cr
India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs 2,300 crore in a luxury residential project in Mumbai on high demand. ADVERTISEMENT In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs 2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. "Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. "Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," he added. DLF and Trident Realty will invest around Rs 900 crore to develop this luxury housing project at Andheri (West). ADVERTISEMENT The company launched the first phase of this 5-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It sold flats in a range of Rs 4 crore to Rs 7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. ADVERTISEMENT Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49 per cent would be with Trident Group. This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel. ADVERTISEMENT But, 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 project. ADVERTISEMENT DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in 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 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 Gurugram and Mumbai projects, DLF has already achieved more than 50 per cent of its annual sales bookings target. On financial performance, DLF's net profit increased to Rs 4,366.82 crore during 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 more than 352 million square feet. DLF Group has 280 million square feet of development potential across residential and commercial segment, 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). PTI (You can now subscribe to our ETMarkets WhatsApp channel)
News18
25-07-2025
- Business
- News18
DLF-Trident Realty JV sells all 416 flats in Mumbai project for Rs 2,300cr
Agency: PTI Last Updated: New Delhi, Jul 25 (PTI) India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around Rs 2,300 crore in a luxury residential project in Mumbai on high demand. In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for Rs 2,300 crore in less than a week. DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty. 'Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd. 'Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," he added. DLF and Trident Realty will invest around Rs 900 crore to develop this luxury housing project at Andheri (West). The company launched the first phase of this 5-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It sold flats in a range of Rs 4 crore to Rs 7.5 crore. In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group. Then, DLF had said that the company would hold a 51 per cent stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49 per cent would be with Trident Group. This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel. But, 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 project. DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in 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 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 Gurugram and Mumbai projects, DLF has already achieved more than 50 per cent of its annual sales bookings target. On financial performance, DLF's net profit increased to Rs 4,366.82 crore during 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 more than 352 million square feet. DLF Group has 280 million square feet of development potential across residential and commercial segment, 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). PTI MJH DR DR First Published: July 25, 2025, 09:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
27-06-2025
- Business
- Time of India
Real estate upcycle to stay strong for 2-3 years; premium launches to drive growth: Ronald Siyoni
he real estate sector remains firmly in an upcycle, currently in its third or fourth year. While larger players are now contending with a high base effect, they are still expected to deliver strong year-on-year growth given their scale. Meanwhile, smaller developers are targeting 20–30% pre-sales growth over the next two to three years. According to Ronald Siyoni, ICICI Securities, overall, the momentum is expected to continue for at least another two to three years before the sector potentially enters a plateau phase. ET Now: The view in the market generally is that the inventory backlog which historically has plagued the sector now seems to be fading away. Is that true? Ronald Siyoni: So, yes, the inventory backlog has been fading away and we have seen the data for quarter one like Anarock data also has been in the media that there has been dip in the housing sales. But yes, few segments are there like affordable category has been underperforming since covid because of high interest rates, but the listed space actually in the real estate, there is listed developers have moved away from the affordable segment quite few years back and they cater to the more upper middle income or say luxury to premium segments. What we have been seeing during Q1 till date is that they have got a phenomenal response from the projects which they have launched. If we see the Oberoi's Goregaon launch or we see DLF 's NCR launch of Privana North, even Godrej Properties , during quarter one, has sold good enough. So, quarter one for these real estate companies for larger players looks very promising and comparing the YoY growth, they should be having a good growth for quarter one as well. So, specific launches, bigger launches in the specific categories are performing very well despite the overall sluggishness, which has been there in the affordable or say lower mid-income category of housing. ET Now: But some experts do believe that we are still in that up cycle for real estate which lasts long for almost a decade. Yes, it started post covid. So, help us understand that how far are we in this real estate upcycle and do you believe that it is still there for the Indian markets? Ronald Siyoni: Yes, very true. So, we are in the third to fourth year in the upcycle of the real estate sector, and now we are seeing high base little bit catching up for larger players to growYoY is a very strong growth expectation considering their size. And the smaller players in the real estate space are eyeing still 20% to 30% pre-sales growth for at least the next two to three years. So, still, we are in the upcycle. There are still at least two to three years to go before we hit a plateau and see a probability of a declining trend. But right now, we are in the upcycle as of now. ET Now: What would your stock-specific recommendations be from the real estate space, because if you take a look at the quarter gone by and the earnings that we have seen, some companies have very largely outperformed. On the flip side, at the other end of the spectrum, some companies are very largely underperformed. How should one approach the real estate space right now in terms of investment? Ronald Siyoni: So, rightly said that a few companies have drastically outperformed and a few have missed. But we have been structurally positive on the real estate sector, and selectively we prefer a few companies like DLF. We prefer in the largecap space DLF, Oberoi Realty , Phoenix Mills , these are all largecap names. In the midcap space, we prefer Arvind SmartSpaces , Max Realty, then Aditya Birla Real Estate . So these are in the midcap space, and we like the real estate sector. We see that this year the performance should be good, and the start for the larger players has been very good. In H2, there are many launches to be done and high ticket size launches and big projects are expected to be launched during quarter three and quarter four of this fiscal year and there which should give further momentum. So, these are the overall picks in the real estate space. Live Events
