Real estate in Mumbai | DLF debut project might have flats priced between Rs 5.5 crore and Rs 7.5 crore

By Bricksnwall | 2024-02-07

In a joint venture with the Trident Group, DLF is creating one million square feet for the Slum Rehabilitation Authority project's initial phase.

According to a business spokesman, flats in the project by real estate developer DLF, which is breaking into the Mumbai market with its first launch in the Andheri district, are expected to be priced initially between Rs 5.5 crore and Rs 7.5 crore.

Aakash Ohri, chief business officer and joint managing director of DLF Home Developers, stated during an earnings call that while these will be three-bedroom and three-plus-bedroom flats, their proportions have not yet been determined. The project's initial phase entails the development of one million square feet.

Together with Trident Group, DLF is developing the Slum Rehabilitation Authority project. In July 2023, the publicly traded corporation declared its intention to reenter the Mumbai real estate market with this project.

According to the company, DLF will contribute Rs 400 crore in equity to create the project, which has a potential saleable size of 3 million to 3.5 million square feet.

Regarding the Mumbai project, Ohri stated, "It will be premium-plus ticket size, again, yet to be fully finalized, but it will be between Rs 5.5 crore and Rs 7.5 crore."

Local brokers claim that the carpet space of three-bedroom apartments ranges from 1,000 square feet to 1,500 square feet for upscale projects.

DLF reports that there is still a positive, sustained demand trend in all areas. As a result, we have discovered a new product pipeline that spans around 32 million square feet and has a potential sales value of about Rs 79,000 crore, or more than double of what we have delivered during the last three to four years and is in line with our plans of scaling up the business," Vivek Anand, group CFO of DLF, said on the earnings call.

Over the following three to four years, we plan to introduce these goods. The items in Gurugram, Chennai, Goa, and the first stage of our Mumbai project are the main launches that we are focusing on for the next 12 to 15 months, Anand continued.

In the third quarter of FY24, DLF announced a 26% rise in total net profit to Rs 649 crore. With various launches throughout the quarter, the business claimed the greatest quarterly sales bookings of Rs 9,047 crore. According to a regulatory filing, consolidated revenue increased from Rs 1,559.66 crore in October to Rs 1,644 crore in December of last year.

Source: Moneycontrol