DLF to invest Rs 900 cr to build first housing project in Mumbai, aims Rs 2,300 cr revenue
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
India's largest realty firm DLF Ltd has re-entered the Mumbai market and will invest around Rs 900 crore to develop a luxury housing project at Andheri (West), a senior company official said.In July 2023, DLF had announced its re-entry in the Mumbai market with plans to develop a luxury housing project in Mumbai in partnership with NCR-based builder Trident group "We have launched a luxury housing project 'Westpark' in Mumbai comprising 416 apartments," DLF Home Developers Joint Managing Director Aakash Ohri told PTI.He said the company has launched this 5.18-acre project in a price range of Rs 42,000 per sq ft to Rs 47,000 per sq ft. It is selling flats in a range of Rs 4 crore to Rs 7.5 crore.Asked about the investment , Ohri said, "It will be around Rs 800-900 crore".The total sales realisation will be around Rs 2,300 crore, he added.Ohri said the initial demand has been very encouraging from customers."We plan to sell around 200 units," he said, adding that the company might sell the entire 416 units in case of high demand.In 2023, DLF had said that the company will hold a 51 per cent stake in the special purpose vehicle (SPV), which would develop this project. The remaining 49 per cent will be with Trident Group.This is a Slum Rehabilitation Authority (SRA) project.In 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for Rs 2,700 crore.It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any projects.DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of Rs 21,223 crore in the 2024-25 fiscal, an increase of 44 per cent from Rs 14,778 crore in the preceding financial year.DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at Rs 20,000-22,000 crore, almost in the same range as last financial year.Last month, the company launched and completely sold the 'DLF Privana North' housing project in Gurugram, comprising 1,164 units.DLF will invest around Rs 5,500 crore to develop this 17.7-acre project, which has already been completely sold out for around Rs 11,000 crore.With the successful launch of the Gurugram project, DLF has already achieved 50 per cent of its annual sales bookings target.On financial performance, DLF's net profit increased to Rs 4,366.82 crore during the 2024-25 fiscal from Rs 2,723.53 crore in the preceding year.Total income rose to Rs 8,995.89 crore in the last fiscal from Rs 6,958.34 crore in the 2023-24 financial year.Since its inception, DLF has developed more than 185 real estate projects and developed an area of more than 352 million square feet.DLF Group has 280 million square feet of development potential across the residential and commercial segments, including current projects under execution and the identified pipeline.The group has an annuity portfolio of over 45 million square feet.DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business). PTI
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
24 minutes ago
- India Today
No double standards: India slams EU sanctions targeting Gujarat refinery
India on Friday strongly criticised the European Union's latest sanctions package against Russia, which includes measures targeting an Indian-based Rosneft-linked oil refinery in Gujarat. The Ministry of External Affairs (MEA) rejected the EU's unilateral move, reaffirming that India does not recognise sanctions imposed outside the United Nations EU's 14th sanctions package, aimed at further restricting Russia's revenues amid its war in Ukraine, includes tighter banking rules, measures on shadow fleet shipping, a lower oil price cap, and, for the first time, sanctions affecting infrastructure located in India. advertisementSpecifically, the sanctions target Nayara Energy's 20-million-tonne-per-year refinery in Gujarat's Vadinar, where Russian energy firm Rosneft holds a 49.13 per cent stake. 'We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations,' said MEA Spokesperson Randhir Jaiswal in a 'unilateral sanctions' by the EU could block Nayara from exporting refined products such as diesel and petrol to European nations. Responding to this, India underscored its right to energy access and reiterated its long-standing position on energy sovereignty.'The Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade,' Jaiswal EU sanctions also lower the crude oil price cap, currently at USD 60 per barrel, which may unintentionally allow India, the world's second-largest buyer of Russian oil, to access Russian crude at even lower prices.- EndsMust Watch
&w=3840&q=100)
Business Standard
38 minutes ago
- Business Standard
Zara founder's global deal spree shields his $104 billion from tax
Zara founder Amancio Ortega's private investment firm is on a global deal spree, picking up a string of trophy assets in recent weeks as he seeks to deploy his expanding fortune to avoid wealth taxes. The Inditex SA founder's family office, Pontegadea, snapped up a five-star Paris hotel, a Florida apartment block and a building on Barcelona's iconic Diagonal Avenue as part of transactions totaling more than $500 million in the past three months, according to data compiled by Bloomberg. The A Coruna, Spain-based firm is also in talks to buy an office building in Miami for $275 million, lining up a further addition to Europe's biggest real estate empire owned by an individual investor. 'For Pontegadea the choice is simple: redeploy every euro of that Zara dividend or watch eight-figure cash bleed away every year,' said Marc Debois, founder of FO-Next, an advisory firm for family offices. 'This is liability management, not trophy-hunting.' Dividend Payouts Pontegadea's assets have swelled from the dividend payouts over the years, shaping it into one of the world's largest – and most active – family offices. Many of these firms are becoming increasingly influential in global business thanks to the wealth at their disposal and the need for reinvestment. Pontegadea had net assets of €34.3 billion at the end of last year, up 10.6% from 12 months earlier, according to registry filings published this month. Ortega's Inditex stake, though, still makes up the bulk of his wealth. At least a fifth of individuals among the world's 500 biggest fortunes now have a family office that help to oversee fortunes totaling more than $4 trillion, according to the index. In Europe, Ortega trails only LVMH founder Bernard Arnault on Bloomberg's list of richest individuals. Ortega founded the company that grew into Inditex in 1963. The son of a railroad worker, the billionaire never had his own office while he worked at the retailer, preferring to be alongside employees in the main design area. He stepped down as chairman in 2011 and was replaced by long-time executive Pablo Isla. His only child from his second marriage, 41-year-old Marta Ortega, took over in 2022. Sandra, 56, the daughter from his first marriage, controls the shares that her late mother held in Inditex. She doesn't have a role in the business and has diversified her own fortune into real estate, pharmaceuticals and hospitality. Her $12.4 billion net worth makes her Spain's richest woman, according to the Bloomberg Billionaires Index. Through Pontegadea, Amancio Ortega owns iconic properties such as New York's Haughwout Building, the Southeast Financial Center in Miami and London's The Post Building. He also controls prime residential and commercial real estate in cities from Toronto to Seoul — buildings that count Facebook, Inc., Zara, and even rival Hennes & Mauritz AB among tenants. In addition to real estate, Pontegadea can invest in energy infrastructure or stakes of at least 5% in publicly listed companies to reduce the threat of Spain's wealth taxes. The family office acquired major holdings in Spanish gas transportation operator Enagas SA in 2019 and, two years later, a Portuguese rival. For its infrastructure bets, Pontegadea has repeatedly turned to buyout giant KKR & Co Inc., underscoring the scale of the family office's investing operations. In 2018, it joined the Wall Street firm in becoming a shareholder in Telefonica SA's tower unit and the firms have since closed at least two further deals, including Pontegadea buying a 20% stake in KKR-controlled Dutch parking operator Q-Park during December. Pontegadea is also in talks with firms including KKR to acquire the Sabadell Financial Center building in Miami.
Time of India
38 minutes ago
- Time of India
In Ujjain, locals open homestays to cash in on rush of devotees during Shravan month
Ujjain: As the holy month of Shravan has started, locals in Ujjain, known for its rich history and spiritual significance, are seizing the opportunity to convert their homes into homestays. They are catering to surging influx of devotees flocking to the city for religious rituals and festivities. Madhya Pradesh Tourism Board (MPTB) has registered over 60 homestays in Ujjain city, while those outside the ambit of the board are estimated in thousands, significantly reshaping the local economy. A couple, Ramesh and Kavita Sharma, has recently opened their doors to tourists seeking a place to stay during the auspicious Shravan month when the footfall of devotees goes up. Their two-bedroom home, nestled just a short walk from the famous Mahakaleshwar temple, was transformed from a family residence into a welcoming homestay. "We realised that many visitors do not just want a place to sleep but seek a homely atmosphere that connects them to the culture of Ujjain, especially those coming from other states like Maharashtra. Also, they get a feel of home and it is much more economical than any hotel," said Kavita, who assists her husband in running a small grocery shop in Ujjain. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Last year, the Sharma couple had earned an additional income of around Rs 35,000 during the festive month alone, a figure they expect to surpass this year. The average tourist footfall in Ujjain is to more than 2 lakh per day during the Shravan month, with weekends recording a significant spike in visitors. Like the Sharmas, many others have embraced the opportunity to share their space with travellers. Another homestay owner, Krishnalata Nathniya, turned into an entrepreneur at the age of 46 with her two-room homestay located within 1 km area of Mahakal temple. The Nathniya couple found joy in connecting with their guests, sharing local stories, and even offering homemade snacks that feature traditional recipes passed down through generations. "Our ground portion of the house was unused, so, we turned it into a homestay. We get lots of guests and positive feedback. It keeps me busy and has given a new identity," Krishnalata said proudly, emphasising that she now gives employment to people in her homestay. She said the demand for workforce increases sharply in Ujjain and the average salary of a worker increases to at least Rs 12,000 a month. A young entrepreneur, Devansh Gangrade, turned his property into a villa, capitalising on the opportunity. "This business model is very attractive and opens an additional source of income. In the digital age, online booking platforms have made business and reaching out to customers easier. The average income from homestays is not less than Rs 3-4 lakh per annum." With the MPTB backing these initiatives, many are encouraged to take that entrepreneurial leap. In preparation for Simhastha 2028, the board has commenced development work in villages of Kamed and Undasa near Ujjain. Each location will host between 6 and 12 homestays. "We have taken up projects across several places near tourist and religious place to make homestays. We are working to develop meaningful cultural exchanges between hosts and guests, while generating additional income sources for local communities," said Sheo Shekhar Shukla, principal secretary of tourism and culture.
