Real estate giant DLF aims to launch Mumbai project by next quarter

Business Standard

5 hours ago

DLF will officially launch its Mumbai housing project in the next quarter as the company has received the RERA approval a day before, while the real estate major sold out all 1,164 units in its luxury residential project Privana North securing Rs 11,000 crore revenue, DLF Homes joint managing director and chief business officer Aakash Ohri told Business Standard.
About 25 per cent of the purchases have come from non-resident Indians (NRIs) and overseas buyers from Canada, Australia, and Jakarta, he added.
Located in Gurugram's Sectors 76 and 77, the 17.7-acre project includes six residential towers rising up to stilt plus 50 storeys, which are DLF's tallest buildings to date. The project includes 1,152 4-BHK units and twelve penthouses.
According to people in the know, the average ticket price per unit stood at around Rs 9.5 crore, while all penthouses were priced at around Rs 25 crore each.
Attributing India's geopolitical stability versus global instability as a factor contributing to this growth, he said that NRIs today are investing in properties with DLF, which are almost commensurate to the lifestyles that they have been living in whichever country they are.
'It is no more just an investment as they want home away from home, especially in their country of birth or even for their family,' he added.
Speaking in an analyst call last month Ohri had said that there has been a sizable demand for both its upcoming products, in Privana and Mumbai, from local micro markets as well as from the rest of the country as well as non-resident Indians (NRIs).
'DLF products are agnostic to geography in terms of investors. So today, one is looking at various sets of people who are wanting to pick up a DLF home as not only do they make money in capital appreciation, but once you lease them out, you have recurring income also,' he had added.
The company has been witnessing an uptick in NRI investments for its luxury and ultra luxury products over the years.
In the financial year 2022-23 (FY23), DLF generated $240 million in sales from NRI investors, representing approximately 14 per cent of total sales. This number increased to $408 million in FY24 and $421 million in FY25
This project is the third phase within DLF's 116 acre integrated Privana project, following its launches of Privana South and West in 2024, which included 795 and 1,113 units respectively.
In these projects, NRI buyers accounted for 25 per cent and 27.8 per cent of the total sales in DLF Privana South and Privana West respectively, according to numbers shared by the company.
Commenting on the sell out of Privana North, Ohri said that the strong sales response reflects a clear, latent demand for DLF offerings, driven by the success of our past projects.
The Privana project is located along the Southern Peripheral Road (SPR) in Gurugram, which is being touted as an upcoming micro market within Delhi NCR.
DLF's aggressive push in Gurugram comes even as it is planning to launch residential projects with an estimated sales potential of Rs 73,900 crore in the medium term, according to the company's investor presentation.
According to a report by real estate consultancy firm Anarock, SPR is a key micro market within Gurugram's real estate landscape, spanning from the juncture of Gurugram-Faridabad Road near Sector 58 to its convergence with NH-48 in the vicinity of Sector 74A.