DLF to enter Mumbai, Goa this year with luxury homes; All details here | News

Real estate developer DLF is aiming to enter the residential market in Mumbai in the second half of the ongoing financial year (2024-25) with flats priced between Rs 6 and 8 crore, Aakash Ohri, its joint managing director and chief business officer told Business Standard on Wednesday.

For the Gurgaon-based realtor, it will be the second inning in Mumbai. The firm had exited from the financial capital about 11 years ago.

In an exclusive interaction, Ohri said that the developer will also launch 62 villas in Goa, priced between Rs 40-50 crore in the second or third quarter of FY25.

Earlier this week, DLF reported a 62 per cent increase in its consolidated net profit to Rs 920.71 crore in the quarter ended March 31, against Rs 570.01 crore in the same period last year.

Its total sales bookings fell 2 per cent to Rs 14,778 crore from a record Rs 15,058 crore a year ago. For FY25, it is aiming to report a 15 per cent rise in its sales bookings to Rs 17,000 crore.

Ohri on Wednesday said that out of the total sales bookings in FY24, the contribution of non-resident Indians (NRIs) was 22-23 per cent.

In the recently launched Rs 5,590 crore project Privana West, which was sold in three days, the NRI contribution was 27 per cent.

For FY25, DLF is aiming to keep the NRI contribution between 22-25 per cent.

“We will not do it more than that this year. We have got a lot of domestic users also. So we make quotas,” he said.

Moreover, out of Rs 17,000 crore, DLF is aiming to get Rs 3,500-5,000 crore worth of total sales bookings from super luxury apartments.

Apart from Goa and Mumbai, Ohri said DLF would launch luxury housing projects at DLF phase-5 in Gurugram. It would be announced after the launch of villas in Goa.

Source: Company filings

First Published: May 15 2024 | 4:49 PM IST