DLF Nets ₹2,300 Crore from Mumbai Project Phase-1 Pre-Sale

Quick Summary

• DLF Home Developers Ltd., a subsidiary of DLF Ltd., India’s largest listed real estate company, achieved Rs 2,300 crore in pre-sales this quarter and Rs 11,000 crore last quarter from a single project.
• The ongoing sales success is linked to their entry into the Mumbai market through a partnership with Trident Realty.
• In July 2023, DLF acquired a 51% stake in an SPV developing about 3.5 million sq ft in Andheri West under a slum rehabilitation project; Phase-1 covers approximately 900,000 sq ft.
• Phase-1 of the “Westpark” project features four towers (37 storeys each),offering luxury residences (3-4 BHK ranging from 1,125-2,500 sq ft carpet area) and penthouses. All units were sold out in five days.
• Around 20% of buyers for this phase were Non-Resident Indians (NRIs), with significant increases seen in NRI-backed sales ($421 million FY25 vs $408 million previously).
• For FY25 so far,new sales bookings stand at Rs.21,223 crore-exceeding earlier guidance of Rs.17,000-18,000 crore. DLF also reported strong financials: net profit grew by 59% YoY to Rs.4,357 crore; revenue reached Rs.8,996 crore.
• Despite broader concerns over slowing property sales across the industry after two years of growth momentum subsided for several developers.

Indian Opinion Analysis

DLF’s ability to achieve robust pre-sale figures in both consecutive quarters reflects not only demand consistency but also strategic execution amidst an evolving real estate landscape post-pandemic globallly/housing traction NRI global.