by THO
Delhi-NCR based listed real estate developer DLF has said that it plans to launch its first project in Mumbai by December 2024, Ashok Kumar Tyagi – Managing Director and Chief Financial Officer (CFO), DLF Limited said.
“Mumbai, right now the approval process is on along with the requisite clearance. The first slum rehab building of about 35 odd stories is ready now. And I think the shifting of the tenement dwellers will begin. So, we are expecting that again to hopefully get launched by December, maybe overflow to January. But I think December is the target right now,” Tyagi said.
The company in January 2024 had said that the project in Mumbai’s Andheri area will tentatively have apartments in the range of ₹5.5 crore to ₹7.5 crore. The company will have 3 BHK and 3 BHK plus apartments. The first phase of the project consists of 1 million square feet of development, the company had said.
The company is constructing its first project in Mumbai as a Slum Rehabilitation Authority project in a joint venture with the Trident Group. DLF had announced its re-entry into the Mumbai real estate market with this project in July 2023.
DLF will pump in ₹400 crore as equity to develop the project with a potential saleable area of 3 million to 3.5 million square feet, the company had said.
Also Read: DLF’s Privana South attracts NRIs from across the world, including Africa for the first time
Goa project expected to be launched by September 2024
DLF is also expected to launch 62 ultra luxury villas in Goa priced between ₹40 crore and ₹50 crore in the next two months, company sources said.
“Our launch pipeline remains what we had indicated earlier, which is that hopefully if all approvals come in time, we should have the Goa launch in this quarter before September end,” Tyagi added.
Also Read: DLF to enter Goa market, to launch luxury villas for ₹40 to 50 crore
Q1FY25 financial results
DLF Ltd on July 25 had reported a 23% increase in its consolidated net profit at ₹645.61 crore in the first quarter of this fiscal on higher income. It was ₹527 crore in the year-ago period.
Also Read: DLF profit up by 23% to ₹645.61 crore in Apr-June quarter
The company’s total income increased to ₹1,729.82 crore during the April-June period of this fiscal from ₹1,521.71 crore in the corresponding period of the previous year, the company had said in a regulatory filing.
