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DLF, a prominent player in the real estate sector, is making significant strides into the Mumbai market with its debut project in the Andheri area. The company, in collaboration with the Trident Group, is undertaking a Slum Rehabilitation Authority (SRA) project, representing a pivotal step in its strategic expansion. Aakash Ohri, Chief Business Officer and Joint Managing Director of DLF Home Developers, revealed during an earnings call that the pricing for the forthcoming apartments in the project is tentatively set in the range of INR 5.5 crore to INR 7.5 crore.
While the specific sizes of the three-bedroom and three-plus-bedroom apartments are yet to be finalized, DLF is gearing up for the first phase of the project, which encompasses 1 million square feet of development. The company plans to infuse INR 400 crore as equity into this venture, with an eye on achieving a potential saleable area of 3 million to 3.5 million square feet. DLF had initially announced its re-entry into the Mumbai real estate market with this ambitious project in July 2023.
Local real estate experts note that three-bedroom apartments in luxury projects typically vary in size from 1,000 square feet to 1,500 square feet. DLF aims to tap into the robust demand across various segments, and the company's leadership is optimistic about the sustained momentum in the market.
Vivek Anand, Group CFO of DLF, highlighted during the earnings call that they have identified a fresh pipeline of new products, covering approximately 32 million square feet with a sales potential of around INR 79,000 crore. This substantial pipeline is more than double the delivery of the last three to four years. This aligns with DLF's strategic plans to scale up its business. The company envisions launching these products over the next three to four years, with key launches in Gurugram, Chennai, Goa, and the initial phase of the Mumbai project within the next 12 to 15 months.
DLF's financial performance in the third quarter of FY24 has been robust, reporting a 26% increase in consolidated net profit to INR 649 crore. The company recorded its highest quarterly sales bookings of INR 9,047 crore, supported by multiple launches during the quarter, as consolidated revenue rose to INR 1,644 crore in October-December from INR 1,559.66 crore a year ago. The strategic foray into Mumbai's real estate market reflects DLF's commitment to capitalizing on growing opportunities and expanding its footprint in key metropolitan areas.
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