Real estate giant DLF is venturing into the Mumbai market with its inaugural project in Andheri, and a company official has indicated that the apartments in this development are likely to be priced between Rs 5.5 crore and Rs 7.5 crore. The apartments, featuring three bedrooms and three-plus bedrooms, will have sizes yet to be finalized. Aakash Ohri, Chief Business Officer and Joint Managing Director of DLF Home Developers, shared this information during an earnings call. The first phase of the project encompasses 1 million square feet of development.
DLF is collaborating with the Trident Group for this Slum Rehabilitation Authority project in Mumbai, marking the company’s return to the city’s real estate market. The joint venture will see DLF injecting Rs 400 crore as equity for the project, with an anticipated saleable area ranging from 3 million to 3.5 million square feet.
While the exact dimensions of the apartments are still under consideration, Ohri mentioned that they will be in the premium-plus category with prices ranging between Rs 5.5 crore and Rs 7.5 crore. He emphasized that the project is in the finalization stage.
Local real estate experts note that three-bedroom apartments in luxury projects typically range from 1,000 to 1,500 square feet in carpet area. DLF continues to experience strong demand across all segments, leading the company to identify a pipeline of new products totaling approximately 32 million square feet, with a sales potential of around Rs 79,000 crore.
During an earnings call, Vivek Anand, Group CFO of DLF, stated that the company expects to launch these products over the next three to four years. Key launches in the pipeline include projects in Gurugram, Chennai, Goa, and the initial phase of the Mumbai project. DLF reported a 26 percent increase in consolidated net profit to Rs 649 crore in the third quarter of FY24, with the highest quarterly sales bookings of Rs 9,047 crore.
Consolidated revenue rose to Rs 1,644 crore in October-December from Rs 1,559.66 crore a year ago, according to regulatory filings.
