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DLF Mumbai: DLF to develop a residential project in Mumbai, ties up with Trident realty

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Realty developer DLF will enter the Mumbai property market with a project in Andheri West, the company announced on Friday.

The company will develop around 2.5 million sq ft in the first phase of the project.

“DLF Home Developers Limited (‘DHDL’), a wholly-owned subsidiary, has executed a securities subscription and shareholders’ agreement, pursuant to which its wholly- owned subsidiary – Pegeen Builders & Developers Private Limited would allot 9800 equity shares of face value of Rs 10 per share at par to Trident Buildtech Private Limited,” the company said in the regulatory filing.

Trident realty is already executing projects in Delhi-NCR and Panchkula.

“Consequently, post allotment, DHDL will hold 51% equity share capital of Pegeen.

Trident through its wholly-owned subsidiary- Sahyog Homes Limited is presently developing a Slum Rehabilitation Project in Andheri (W), Mumbai. Pegeen has also agreed to enter a development agreement with SHL to develop the first phase of the project,” DLF has said.The company also declared results for the April-June quarter.DLF reported net profit of Rs 528 crore, an increase of 12% year on year during Q1 FY24 as residential business continue to deliver strong performance and clocked new sales bookings of Rs 2,040 crore.

“We remain optimistic about the demand for housing as the cycle continues to remain positive. We are gearing up for bringing new products into the markets during the fiscal. We believe that macro tailwinds along with the strong demand outlook augur well for our business,” the company said in a statement.

Company’s net debt now stands reduced to the lowest ever at Rs 57 crore.

The office portfolio maintained its stability, while the retail business continues to follow an upward growth trajectory. Q1FY24 consolidated revenue of DLF Cyber City Developers Limited stood at Rs 1,412 crore, reflecting y-o-y growth of 12%; consolidated profit for the quarter stood at Rs 391 crore, a y-o-y growth of 21%.

“We are experiencing strong demand for our new office developments. We have achieved pre-leasing of approximately 82% across our two new office complexes – DLF Downtown in Gurugram and Chennai,” the company said.

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