DLF's Big Mumbai, Delhi Real Estate Plans

Mumbai, Jul 17 (PTI) India's largest realty firm DLF Ltd, which has re-entered the Mumbai market with a premium housing project, on Thursday said it is taking its foray in the financial capital "seriously" and the two geographies in the North and the West of India are going to be very important markets going forward.

The Delhi-headquartered real estate giant also said that it has up to 20 joint venture proposals on its table from different entities, but it plans to establish its presence in the financial capital in a certain way.

In July 2023, DLF announced its re-entry in the Mumbai market with plans to develop a luxury housing project in partnership with NCR-based builder Trident group.

"Mumbai (re-entry) we're taking very seriously. Both the cities – Mumbai and Delhi - are going to be two big markets (for us) because they're the ones who are going to give us our returns. So, if I have to invest in two geographies, I don't want to put all my eggs in one basket.

“These are the two very important markets going forward from here," DLF Home Developers Joint Managing Director Aakash Ohri told reporters at the unveiling of the project.

The Rs 900-crore Westpark project, which is located just off Link Road in the western suburb of Andheri and is a part of a larger 10-acre Master Plan.

It would have eight distinctive towers with the first four towers to be launched in the first phase, each having 37 storeys with a total of 416 residences, the company said.

These towers would have a mix of three and four BHK residences, ranging from 1,125 sq ft to 2500 sq ft along with a limited number of exclusive penthouses.

The groundbreaking for the project was carried out some three months back while the product (houses) will be launched in the first week of next month, DLF said.

The company might sell the entire 416 units in case of high demand, Ohri said, adding, "There is demand leading to something in Mumbai, and I think we need to partake in that whole demand scenario."


The first phase itself has a revenue potential of Rs 2,300 crore with the next phase pegged at an estimated Rs 2,300-2,500 crore, he said, adding that "about a year to a year-and-a-half, overall revenue potential is about Rs 5,000 crore."

The company, he said, expects an overall revenue potential of Rs 10,000-crore across all phases at the current prices.

He said that as it is difficult to get land parcels for such projects in a city like Mumbai, if there are joint venture development or other opportunities, the company will look at that in a very pragmatic way.

"We will look at opportunities in a very pragmatic way. I don't want to tick a box. We are not going to make any untoward statement or commitment to anybody, where we cannot or we are not serious about our delivery schedule. So we are starting with premium, and we will then move on to (other segments).”

DLF has its offerings in three segments--superluxury, luxury and premium.

"We have right now 5-20 proposals sitting with us, of people wanting to do JV... But I want to start and get this product off the ground first," Ohri added.

He said that the Mumbai project has evoked a good response from various segments in the form of expression of interest.

Ohri also said that competition is always good as without competition one becomes an autocrat.

"Without competition, you will enter the monopolist markets. That is too dangerous. Competition will keep you and your systems on your toes. That is the best way to operate in any space," he said.

"You look at any product line-- cars, mobile phones, airlines-- wherever there is competition, you will be better. For me, I don't get perturbed by any competition," Ohri added.