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Yahoo
6 days ago
- Business
- Yahoo
India's DLF says will consider partnerships as embarks on Mumbai luxury development
By Dhwani Pandya MUMBAI (Reuters) -India's largest property developer DLF expects to review offers from potential partners, as it works on a project to build luxury flats in a slum area of Mumbai that marks its return to the city, it said on Thursday. DLF left Mumbai more than a decade ago, when it sold off land to reduce debt and turned its focus to New Delhi and regions around the capital. It had since become one of India's largest luxury property developers, building premium and super-luxury projects. A major issue in Mumbai is a shortage of land, which the developers say means the only option is to redevelop slum areas and old apartment buildings, where they provide existing tenants with improved property in exchange for land they develop. "I can't say, give me clear, clean land, then I will operate," Aakash Ohri, joint managing director at DLF, told Reuters. In 2023, DLF decided to return to Mumbai by partnering with Trident Realty Group. On Thursday, it announced it was building a mid-range premium residential project, named "Westpark," based on providing improved accommodation for the existing tenants. They will get flats of around 300-350 square feet, with modern bathrooms and facilities, while the luxury apartments are three-bedroom and four-bedroom apartments of (1,100-1,500 sq. ft.), priced between $464,593 and $929,186. DLF is aiming to build the first four 37-storey towers, with more than 65 lifestyle amenities by 2029 and expects a turnover of $267 million from the project's first phase. Ohri said DLF has received nearly 20 proposals, mainly redevelopments from companies interested in working with it. Vishal Damani, CEO of DLF's metro cities projects, said the proposals would be assessed and that the company preferred to partner with local developers to manage tasks such as tenant rehabilitation, while it focuses on development.
News18
6 days ago
- Business
- News18
DLF Makes Mumbai Debut With Rs 5.5–7.5 Cr Homes In Andheri's Oshiwara
DLF is launching its first residential project in Mumbai's Oshiwara on July 17, after MahaRERA approval. Leading real estate company DLF is marking its entry into Mumbai by launching its first residential project on July 17. It came after weeks of receiving approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The first phase of the 'The Westpark' project will feature over 400 apartments available for sale, according to registration documents reviewed by Moneycontrol. The Gurugram-based firm will unveil the project in the Oshiwara neighbourhood of Mumbai's Andheri suburb. Although DLF is renowned for its luxury and ultra-luxury residential projects in Gurugram and other markets, the Westpark is expected to be a 'premium' project, with prices ranging from Rs 5.5 crore to Rs 7.5 crore. Headquartered in Gurugram, Haryana; DLF is now India's largest listed real estate company with developments across 15 states and 24 cities. It specializes in residential, commercial, retail, hospitality, and infrastructure projects—think apartments, offices, malls, hotels, golf courses, and mixed‑use townships. DLF is a listed firm with the last trading price at Rs 844.95 apiece. For the project at Oshiwara, DLF has partnered with the Trident group. As the project is on a once slum area, Trident is expected to execute the slum rehabilitation project. Trident will handle the rehabilitation part of the project, which includes clearing the land and constructing housing units for slum residents. DLF will focus on the free-sale portion, estimated to be around 9 lakh square feet. residential launches, representing approximately 29% of the total launches across the top 7 cities, as per Anarock report. Another Anarock report added that Mumbai continued to dominate land activity in H1 2025, with the Mumbai Metropolitan Region (MMR) witnessing the highest number of land deals among Tier 1 cities. A total of 24 deals for over 433 acres were recorded, underscoring the region's growing importance in India's real estate landscape despite land scarcity and high costs. view comments First Published: July 17, 2025, 07:17 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
6 days ago
- Business
- Time of India
Why DLF's return to Mumbai is more than just another project launch
DLF Limited is back in Mumbai after a decade. They have launched Westpark, a luxury housing project in Andheri. This ₹900-crore project has high-end apartments. DLF aims to sell these apartments amidst Mumbai's booming property market. The company is partnering with Trident Group for this venture. DLF is confident about the demand for luxury homes in Mumbai. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads A strategic reset? Banking on Mumbai's real estate boom Tired of too many ads? Remove Ads Road ahead Marking a bold comeback to India's financial capital after over ten years, DLF Ltd , the country's largest listed real estate developer has launched ' Westpark ', a Rs 900-crore luxury residential project in Andheri (West).The move signals DLF's renewed confidence in Mumbai's booming premium housing market and marks its first residential venture outside in partnership with Trident Group under the Slum Rehabilitation Authority (SRA) scheme, the project is a strategic shift aimed at capturing the city's soaring demand for high-end homes. The 5.18-acre project offers 416 high-end apartments priced between Rs 4 crore and Rs 7.5 crore. The flats are being sold at Rs 42,000 to Rs 47,000 per sq ft, with DLF aiming for sales realisation of around Rs 2,300 crore.'We have launched a luxury housing project 'Westpark' in Mumbai comprising 416 apartments,' said Aakash Ohri, Joint Managing Director, DLF Home Developers at the launch. 'It will be around ₹800–900 crore investment. We plan to sell around 200 units initially, but we might consider selling all 416 depending on demand.'DLF holds a 51% stake in the special purpose vehicle developing the project, with Trident holding the remaining 49%.DLF had exited Mumbai in 2012, selling its 17-acre land parcel in Lower Parel to Lodha Developers for Rs 2,700 crore as part of a debt-reduction return now follows years of financial strengthening and a calibrated focus on high-margin luxury and super-luxury the previous year, the company launched 7.5 million sq ft area during the last fiscal year for sale with an estimated revenue potential of Rs 40,600 crore. The Gurgaon-based developer recorded Rs 21,223 crore in sales bookings in FY25, a 44% rise from the previous year. Net profit surged to Rs 4,366.8 crore, supported by strong customer collections and cash flows.'We have a strong launch pipeline to meet the aspirational needs of the market; we remain on track to deliver on our outlined goals,' said Rajiv Singh, Chairman, DLF, in the company's annual report. 'Both our residential and rental businesses experienced robust growth, driven by exceptional performance and timely execution.'DLF's re-entry is timed to coincide with a historic upcycle in Mumbai's property market. According to an ET Bureau report citing official data from the Inspector General of Registration and Controller of Stamps, Maharashtra, the city registered 75,933 property deals in the first half of 2025, up 5% year-on-year, fetching Rs 6,727 crore in stamp duty revenue, up 15% are the highest ever for any half-year period.'Mumbai's residential market continues to reflect steady buyer confidence… The appetite for larger homes and properties priced above ₹5 crore remains strong, driving healthy revenue collections,' Shishir Baijal, CMD, Knight Frank India had said in buoyancy is largely driven by sustained demand for luxury and high-value homes, backed by interest rate cuts and rapid infrastructure development, including Metro network expansion, the Mumbai Coastal Road, and upgrades to arterial roads and expressways.'The sales pattern underscores a structural shift in demand, particularly for larger, high-value exclusive homes, as buyers continue to prioritise long-term lifestyle, community living and location choices. This trend is being reinforced by the government's ongoing efforts to upgrade infrastructure across the Mumbai region. These developments are not only enhancing connectivity but also reshaping buyer perceptions of emerging micro-markets,' Parthh K Mehta, CMD, Paradigm Realty had as 84% of all registrations in June were for apartments under 1,000 sq ft (split evenly between the 500–1,000 sq ft and under-500 sq ft segments), the luxury segment is clearly gaining momentum, especially in the western suburbs, which contributed 57% of registrations, followed by the central suburbs at 31%.Brokerages have taken note. Jefferies' Chris Wood, in March, had exited Godrej Properties while raising his stake in two other Indian realty giants, one of them being DLF with a 3% allocation. This reaffirmed Jefferies' bullish stance on Indian real estate — a sector the brokerage has supported for several years and was only timely as the Gurugram-based real estate major plans to launch housing projects worth Rs 17,000 crore in the current fiscal DLF has set a target to sell housing properties worth Rs 20,000-22,000 crore during 2025-26, almost in line with the last financial already sold out recent luxury launches in Gurugram, including Privana North and the super-luxury 'Dahlias' project, DLF's ability to tap Mumbai's premium market will be a critical test of its pan-India aspirations."We continue to invest in capex for our new build-outs in Gurugram, Chennai, Delhi, and Goa," the DLF boss had said in the annual report for FY25. The chairman said three retail properties are set to open to the public in the near future. "As we pursue growth, we continue to remain guided by our core values of good corporate governance, transparency, compliances, safety, quality and customer satisfaction," Singh cautious, high-value re-entry via a well-located SRA project with a trusted partner suggests a deliberate, capital-efficient approach. With high demand especially in Mumbai, premium buyer base that continues to grow, and easing interest rates, DLF's bet may be well-timed.
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Business Standard
6 days ago
- Business
- Business Standard
DLF to invest Rs 900 cr in Mumbai housing proj, eyes Rs 2,300 cr revenue
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). (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
6 days ago
- Business
- Economic Times
DLF to invest Rs 900 cr to build first housing project in Mumbai, aims Rs 2,300 cr revenue
DLF Ltd has re-entered the Mumbai market with a Rs 900 crore investment in a luxury housing project, 'Westpark', in Andheri (West). The 5.18-acre project, developed in partnership with Trident Group, offers 416 apartments priced between Rs 4 crore and Rs 7.5 crore, targeting a sales realization of Rs 2,300 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 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 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 is a Slum Rehabilitation Authority (SRA) 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for Rs 2,700 had also formed a joint venture with Akruti City to develop a few projects, but could not launch any 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 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 month, the company launched and completely sold the 'DLF Privana North' housing project in Gurugram, comprising 1,164 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 the successful launch of the Gurugram project, DLF has already achieved 50 per cent of its annual sales bookings 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 income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial its inception, DLF has developed more than 185 real estate projects and developed an area of more than 352 million square Group has 280 million square feet of development potential across the residential and commercial segments, including current projects under execution and the identified group has an annuity portfolio of over 45 million square 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
