logo
DLF re-enters Mumbai market with ₹800 crore premium housing project

DLF re-enters Mumbai market with ₹800 crore premium housing project

Gurugram-based DLF, India's top listed real estate developer, has entered the Mumbai market with a premium residential development, investing Rs 800–900 crore in the first phase of the project, which is estimated to generate Rs 2,300 crore in revenue.
The first phase of the project, The Westpark, comprising four 37-storey residential towers and 416 residences, will be delivered in the next four years. It spans 5.18 acres and is part of a larger 10-acre master plan with eight distinctive towers.
The company has partnered with Trident Realty, another Gurugram-based developer with ongoing projects in Mumbai. The project falls under the Slum Rehabilitation Authority (SRA) scheme. However, DLF will oversee only the greenfield portion, while Trident will handle the SRA component. DLF holds a 51 per cent stake in the project; the remaining 49 per cent is held by Trident.
The development will offer a mix of 3- and 4-BHK residences ranging from 1,125 to 2,500 sq ft, along with a limited number of exclusive penthouses. Prices will range from Rs 37,000 to Rs 47,000 per sq ft — effectively Rs 4.5–8 crore per unit.
The second phase of the project is likely to be launched next year and is expected to generate revenues of Rs 2,300–2,500 crore.
Aakash Ohri, joint managing director and chief business officer, DLF Homes, said the company aims to diversify its portfolio and takes Mumbai 'very seriously'. '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,' he added.
Ohri stated the company has already received 5–20 project proposals in Mumbai. 'We want to start and get this product off the ground first, show some strength and ability, and then get down to doing it (more projects in Mumbai),' he added.
The company is banking on its lifestyle-oriented developments and strong balance sheet. 'What we bring to the table is the lifestyle story. This is the difference between everybody else and DLF. DLF will not operate in any city, including Gurugram, if the margins are not conducive to DLF; we don't have to. Today, we are a debt-free company; we are cash-rich, we have got land banks to carry us for the next 25 years. Why do I need to get into any stress? I don't need to prove anything,' Ohri said.
DLF had earlier exited Mumbai in 2012 as part of its deleveraging strategy. It sold a prime 17-acre land parcel in Lower Parel to Lodha Developers for Rs 2,700 crore to reduce debt.
'That (Mumbai exit) was part of our development plan. Out of 22 cities, one didn't work out. Fine. At that point in time, Gurugram was also good and needed a lot of attention. Gurugram was where a lot of our future interests and the business were. (In that land deal) we got out at a good premium. It was not a loss,' Ohri said.
This time, the company is confident and has received a positive response from channel partners. 'It's just that there's never a right or wrong time. Even the markets are different and far more mature and conducive. You cannot not be in Mumbai, being a national player. Competition is always good,' Ohri added.
Mixed response from sector experts
Industry experts have expressed mixed sentiments. Gulam Zia, senior executive director at Knight Frank India, said DLF has entered the market at a time when signs of fatigue are visible and the cycle is nearing its peak.
'The next 2–3 years will be tough. You need to be invested in the property long enough to reap the benefits. Since it's a large property of more than 17 acres, they will be developing it over at least one or two market cycles. So, entry will be tough,' Zia added.
He also noted that buyers in Mumbai may not be enamoured by the luxury brand DLF has built in Gurugram.
However, a sector analyst, speaking on condition of anonymity, said the company may benefit from its brand, the project's location, and the vibrancy of Mumbai's real estate market. 'The company wants to have a footprint in a market like Mumbai and better realisations,' the analyst added.
Another industry expert, who did not wish to be named, noted that DLF may face challenges due to the hyperlocal nature of real estate and strong competition from well-established Mumbai-based developers.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India's Pharma Exports Have Shot Up By 92% In Last 6 Years: Minister
India's Pharma Exports Have Shot Up By 92% In Last 6 Years: Minister

India.com

time14 minutes ago

  • India.com

India's Pharma Exports Have Shot Up By 92% In Last 6 Years: Minister

New Delhi: Various schemes being implemented by the Centre to realise the vision of Aatmanirbhar Bharat in the pharmaceutical sector have resulted in India's exports of drugs and pharmaceuticals increasing by 92 per cent, from Rs 1,28,028 crore in FY2018-19 to Rs 2,45,962 crore in FY2024-25, the Parliament was informed on Friday. The schemes include the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme, the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, the PLI Scheme for Bulk Drugs, Scheme for Promotion of Bulk Drug Parks, and Strengthening of Pharmaceutical Industry scheme, Minister of State for Chemicals and Fertilisers Anupriya Patel told the Lok Sabha in a written reply to a question. The PRIP scheme has been launched with an outlay of Rs 5,000 crore to transform India's Pharma MedTech sector from cost- to innovation-based growth by strengthening research and promoting industry-academia linkage for research and development in priority areas in drug discovery and development and medical devices. Under this scheme, seven Centres of Excellence (CoEs) have been set up, she said. The PLI Scheme for Pharmaceuticals aims to enhance India's manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector. The minister said that the scheme has enabled enhanced investment and production in eligible products. As of March 2025, the committed investment of Rs 17,275 crore targeted over the six-year period of the scheme stands substantially exceeded with a cumulative investment of Rs 37,306 crore made by the scheme's third year, and cumulative sales of approved products of Rs 2,66,528 crore have been made, including exports of Rs 1,70,807 crore. The PLI Scheme for Bulk Drugs, which has a total budgetary outlay of Rs 6,940 crore, aims to avoid disruption in the supply of critical active pharmaceutical ingredients (APIs) used to make critical drugs for which there are no alternatives by reducing supply disruption risk due to excessive dependence on a single source. As of March 2025, the committed investment of Rs 3,938.5 crore under projects approved under the scheme for investment over the six-year production period of the scheme stands substantially exceeded with a cumulative investment of Rs 4,570 crore made by the scheme's third year, she further stated. The minister also highlighted that the government launched the Pradhan Mantri Bhartiya Janaushadhi Pariyojana scheme to make quality generic medicines available at affordable prices to all. Under the scheme, dedicated outlets known as Jan Aushadhi Kendras (JAKs) are opened across the country to provide medicines at prices that are about 50 per cent to 80 per cent lower than those of leading branded medicines in the market. Till June 6, 2025, a total of 16,912 JAKs have been opened, and on average, about 10 to 12 lakh persons visit these Kendras daily and avail of quality medicines at affordable prices. As many as 2,110 medicines and 315 surgicals, medical consumables and devices are under the scheme product basket, covering all major therapeutic groups, such as cardiovascular, anti-cancer, anti-diabetic, anti-infectives, anti-allergic and gastro-intestinal medicines and nutraceuticals. As a result of the scheme, in the last 11 years, estimated savings of about Rs 38,000 crore have accrued to citizens in comparison to the prices of branded medicines. Further, the scheme has provided self-employment to over 16,000 persons, including over 6,800 women entrepreneurs, the minister added.

To make city slum-free, all slums to be surveyed by year-end
To make city slum-free, all slums to be surveyed by year-end

Hindustan Times

time14 minutes ago

  • Hindustan Times

To make city slum-free, all slums to be surveyed by year-end

Mumbai: The Slum Rehabilitation Authority (SRA) is working on completing the survey of all slums in the city by the end of this year, with an eye on creating a reliable databank for future slum rehabilitation projects and curbing the emergence of new, illegal slum settlements. The survey, incorporating biometric details of slum residents and Geographic Information System (GIS) mapping, will help make Mumbai slum-free, said officials. (Hindustan Times) 'We have set a target of completing the survey of all slums in Mumbai by December 31,' said Dr Mahendra Kalyankar, chief executive officer, SRA. The authority will rope in specialised agencies over and above two agencies it currently relies on to complete the work on time, he added. The decision to finish the survey this year was taken during a review meeting chaired by chief minister Devendra Fadnavis on June 12, wherein he directed officials to accelerate the exercise. The SRA had, via a drone survey in 2021, identified 2,597 slum clusters across Mumbai, which were differentiated into 13,79,086 slum settlements. Till Thursday, Pioneer Foundation Private Limited and Saar IT Resources Private Limited – two agencies which conduct surveys on behalf of the SRA – had conducted door-to-door surveys in 5,75,136 slum settlements while another 8,03,950 slum settlements remained to be surveyed. 'Since over 8 lakh slums have to be surveyed in about five months, we will appoint more agencies by floating a tender,' said an SRA official. Around 1.4 lakh of the settlements that remain to be surveyed are located on plots owned by the Maharashtra Housing and Area Development Authority (Mhada) and the Brihanmumbai Municipal Corporation (BMC), and both agencies are conducting separate surveys as well, the official mentioned. 'Once completed, our survey will provide comprehensive information about all slums in the city and prevent any new addition,' the SRA official told HT. Slums that spring up after the survey can be identified easily, which will help in initiating punitive action, he said. 'It will also prevent any attempt by developers to add fake tenants in SRA projects,' he added. According to the Maharashtra Slum Areas (Improvement Clearance and Redevelopment) Act, 1971, residents of slums built until January 1, 2000 must be provided free rehabilitation tenements when they are evicted. In May 2018, during Devendra Fadnavis' first term as chief minister, the cut-off date for rehabilitation was extended to January 1, 2011, but it was mandated that those residing in slums built between 2001 and 2011 would not be eligible for free rehabilitation, following a Supreme Court decision.

Hyundai India Gets Rs 517.34 Cr Tax With Penalty Demand From GST Authority, Here's Why
Hyundai India Gets Rs 517.34 Cr Tax With Penalty Demand From GST Authority, Here's Why

News18

time21 minutes ago

  • News18

Hyundai India Gets Rs 517.34 Cr Tax With Penalty Demand From GST Authority, Here's Why

Last Updated: The company said there is no impact on its financial, operational or other activities due to the order and is reviewing the order and will exercise the right to file an appeal. Hyundai Motor India Ltd on Tuesday said it has received a demand of Rs 517.34 crore from tax authorities, along with penalty, for alleged short payment of GST compensation cess on its certain SUV models. The company has received an order from Commissioner (Appeals), CGST Dept, Tamil Nadu, confirming GST compensation cess demand of Rs 258.67 crore, along with penalty of Rs 258.67 crore, on the allegation of short payment of GST compensation cess on certain SUV models for the period September 2017 – March 2020, Hyundai Motor India Ltd said in a regulatory filing. Reacting to the demand, a company spokesperson said, 'HMIL is of the view that the amendment and the clarifications given by the Central Board of Indirect Tax and Customs (CBIC) to resolve the issue faced by the industry on this matter are in favour of the company. We are in the process of reviewing the order and will exercise the right to seek a legal remedy through an appropriate forum." The company asserted that there is no impact on its financial, operational or other activities due to the order and is reviewing the order and will exercise the right to file an appeal. . view comments First Published: July 26, 2025, 08:17 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store