DLF’s First Project in Mumbai’s Andheri: A Slum Rehabilitation Initiative with Trident Group

Delhi-NCR-based real estate giant DLF is gearing up to enter Mumbai’s bustling property market with the launch of the first phase of its much-anticipated Andheri project by March 2025. Announced during the Q2FY25 earnings call, this timeline marks a slight shift from the company’s earlier target of December 2024 or January 2025.

As per recent statements, DLF remains optimistic about securing the final approvals needed for the project, a Slum Rehabilitation Authority (SRA) initiative. The project will deliver upscale residential units, including 3 BHK and 3 BHK-plus apartments, with price points between ₹5.5 crore and ₹7.5 crore, catering to the city’s high-demand luxury segment.

Final Approvals in Sight, Despite Election-Related Concerns

According to Ashok Kumar Tyagi, Managing Director and CFO of DLF, the remaining approvals for projects across Mumbai, Goa, and Gurgaon’s Privana are in the advanced stages. Tyagi assured investors that, despite the upcoming Maharashtra assembly elections in November, the project’s progress remains on track.

“We are confident of a Q4 launch unless there’s an unforeseen delay,” Tyagi remarked, emphasizing that DLF has a solid plan to navigate any administrative hurdles arising from the election-related code of conduct. “The approvals are fairly routine now, and we look strong to go for a Q4 launch in Mumbai,” he said.

DLF Makes a Strategic Re-entry in Mumbai with a ₹400 Crore Investment

DLF’s venture into Mumbai marks the company’s first project in the city in years. In partnership with the Trident Group, the Andheri project is projected to cover 3 million to 3.5 million square feet, with an initial development phase comprising 1 million square feet. DLF is investing ₹400 crore as equity in this SRA project, a strategic re-entry that reflects the company’s intent to capture a share of the lucrative Mumbai market.

Q2FY25 Financial Performance: Profits Surge Amid Strong Sales

DLF’s financial performance for the September quarter underlined the company’s strong growth trajectory. On October 25, DLF reported a consolidated net profit surge to ₹1,381 crore, more than double the ₹622.78 crore recorded in the same period last year. The company’s total income also saw a robust 48% increase, reaching ₹2,181 crore from ₹1,476.42 crore in the previous year.

This financial upswing aligns with the developer’s broader ambitions, as the first half of the fiscal year (April-September) saw net profits rise to ₹2,026.69 crore from ₹1,149.78 crore in the same period last year, while total income grew to ₹3,910.65 crore.

A New Phase for Mumbai Real Estate?

DLF’s Andheri project is positioned to make waves in Mumbai’s real estate landscape. By committing substantial resources and working closely with the Trident Group on an SRA initiative, DLF is not only marking its presence in Mumbai but also contributing to urban regeneration.