Mumbai: DLF Limited, a prominent real estate developer based in Delhi-NCR, is set to launch the first phase of its much-anticipated Mumbai project in the fourth quarter of the first year 2025, ending March 31. This initiative, located in Andheri (West), marks DLF’s return to the Mumbai property market through a partnership with the Trident Group as part of a Slum Rehabilitation Authority (SRA) project.
During an investor call, DLF CEO Ashok Kumar Tyagi shared that the necessary approvals for the project are progressing well. He expressed confidence that the launch would proceed as scheduled, barring any unforeseen complications. Tyagi also noted that the upcoming assembly elections in Maharashtra, scheduled for November 20, should not significantly hinder the approval process.
“This launch is likely for the fourth quarter,” Tyagi stated, emphasising the expectation for routine approvals to continue despite the election’s model code of conduct.
Future plans depends on the success of Andheri project: Senior official, DLF
Notably the Andheri project represents DLF’s first venture back into the Mumbai market, with plans for further expansion dependent on its success. Joint Managing Director and Chief Business Officer Akash Ohri highlighted the importance of this project, stating, “Any further acquisitions in Mumbai will depend on the success of the Andheri launch.”
DLF to retain 51% stakes in SPV
As per the reported information, DLF will retain a 51 per cent stake in the special purpose vehicle (SPV) responsible for the project, which will oversee construction, sales, and financial management. Meanwhile, in a positive development for the company, DLF reported a remarkable 121 per cent surge in net profit, leading to a 6.35 per cent rise in its share price to Rs 826.50 on October 28. The company’s quarterly report for Q2 FY24 revealed a net profit of Rs 1,387 crore, up from Rs 628 crore in the same quarter last year, while consolidated revenue jumped 48 per cent year-on-year to Rs 2,181 crore.