DLF eyes more Mumbai projects after successful debut, open to a second project in the financial capital

Hindustan Times

10 hours ago

Delhi-NCR-based real estate developer DLF said its foray into the Mumbai real estate market has gone 'very well,' boosting its confidence for future projects in India's financial capital. Mumbai real estate: Ashok Tyagi, managing director of DLF Limited, has said that the company expects to secure approvals for the next phase of 1–2 million sq ft within the next 12 months. (Picture for representational purposes only)(DLF)
Speaking at the Q1FY26 investors' call, Ashok Tyagi, managing director of DLF Limited, said the company expects to secure approvals for the next phase of 1–2 million sq ft within the next 12 months and aims to add about 1 million sq ft every 15 months thereafter.
"I think I mean, clearly, we are open to a second project in Mumbai. We just have to figure out the right project and everything. As we have mentioned in the last few quarters, this was our first tentative return to Mumbai, and I think, touch wood, Phase 1 has gone off very well. So I think it clearly gives us more confidence," Tyagi said during the call.
"I think hopefully, in the next 12 to 18 months, we should get even better confidence in Mumbai. We also settled our old dispute that we had in Mumbai. So I think clearly, hopefully, Mumbai, the geography, should grow, but just be slightly patient with that," Tyagi said.
Also Read: Mumbai real estate: All you need to know about the Andheri West real estate market as DLF launches its first project
Mumbai DLF's 'first very controlled entry experiment'
According to Tyagi, the company is looking to invest in Mumbai over time because it is the country's biggest real estate market.
"I mean, honestly, outside NCR and the Chandigarh Tri-City where we have vast land potential, I think Mumbai is our only location where we are potentially looking to execute and hopefully, over time, invest because it is the country's biggest real estate market. We were not present for such a long time. This is our first very controlled entry experiment. And hopefully, if this clicks, and if this does well for us and for our customers, there could be growth opportunities there," Tyagi said.
Also Read: DLF's Mumbai debut: Adopts cautious project pricing aligning with Andheri West real estate market rates
Mumbai sales demographics
According to the company, 20% of homebuyers for its debut premium residential project in Mumbai, The WestPark in Andheri West, are Non-Resident Indians (NRIs), primarily those originally from Mumbai. The company has also secured bookings from members of the Bollywood fraternity.
DLF revealed on July 25 that it has sold out all four towers launched under Phase 1, generating sales bookings worth ₹2,300 crore. The project was officially launched on July 17.
Also Read: DLF's Aakash Ohri says 'careful, cautious, and confident' about upcoming Mumbai project launch
"Mumbai, I think business came from all over. In fact, I was told that Mumbai doesn't even shift PIN codes, but we have business in the South, we have business from all over. We had a massive, massive broker support in Mumbai, who kind of got business from everywhere. The DLF brand prevailed," Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd had said.
"So, I think what prevailed there was definitely a very solid futuristic product, very thought after. People love the balconies. People loved every attribute of what we had to present there. So that was very heartening to see," Ohri said.