DLF aims Rs 2,500 cr sales from new housing project in Mumbai; launch within 2 weeks

New Delhi, Jun 22 (PTI) India's largest realty firm DLF Ltd is set to enter the Mumbai housing market as it plans to launch a luxury housing project in the city worth about Rs 2,500 crore in the next two weeks.

DLF will launch more than 400 homes in the first phase of its upcoming project, marking the company's entry into Mumbai's residential property market.

According to sources, the company has got all regulatory approvals to launch this project, which will be developed in partnership with Delhi-based Trident Realty.

DLF has received RERA approval for its first premium residential project in Mumbai. The project, located in the suburb of Andheri, is expected to be launched within the next two weeks, they said.

In the first phase, the company will develop 416 units in four towers.

DLF plans to sell these apartments in a price range of Rs 5-7 crore per unit.

The spokesperson declined to comment.

Earlier this 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 about Rs 11,000 crore.

Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers, highlighted that 27 per cent of the demand came from non-resident Indians (NRIs).

The project is part of a 116-acre integrated township -- DLF Privana in Sectors 76 and 77, Gurugram.

In this 116-acre township, the company had last year launched and completely sold out two projects -- 'DLF Privana West' and 'DLF Privana South' -- for around Rs 12,800 crore.

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 year, 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 year at Rs 20,000-22,000 crore, almost in the same range as the previous financial year.

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 year from Rs 2,723.53 crore in the preceding year.

Total income rose to Rs 8,995.89 crore in the last fiscal year 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 sq ft.

DLF Group has 280 million sq ft 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 sq ft.

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 TRB