DLF is expected to begin construction of a new 25 lakh square feet shopping mall in Gurugram this quarter at a cost of about 1700 crore in order to expand its company amid a boom in demand for premium real estate space from retailers.
DLF currently has a retail footprint of around 42 lakh square feet, consisting of nine properties, including malls and shopping centres, primarily in Delhi-NCR. DLF Limited owns around 3.4 lakh square feet of retail space, with the remainder owned by DLF Cyber City Developers Limited a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF’s Vice Chairman and MD of Rental Business Sriram Khattar, told PTI that the retail industry has recovered quickly since the COVID outbreak, with robust growth in footfalls and sales at shopping malls. “We are likely to start construction on the Mall of India, Gurugram in the third quarter of this financial year,” said Khattar, who was just promoted to this new role.
When asked about the investment in the upcoming mall, he stated that the company has traditionally owned the land, and the development cost is projected to be around Rs 1,700 crore. According to Khattar, the business is building a 6 lakh square foot premium mall in Goa.
DLF is also building high-street shopping centers near its housing projects to meet the needs of the people who live in the society. These shopping centers are already being built in DLF-phase 5, Gurugram, and Moti Nagar, Delhi. DLF stated in an investor presentation for the first quarter of the fiscal year 2023-2024.
DCCDL’s consolidated revenue in the April-June quarter was Rs 1,412 crore, representing a 12% year-on-year (year-on-year) increase. The consolidated profit for the quarter was Rs 391 crore, a 21% rise year on year. During the first quarter of this fiscal year, their retail revenue was Rs 187 crore.
DLF’s overall net profit increased by 12% to Rs 527 crore in the first quarter of this fiscal year, from Rs 469.57 crore the previous year. Total income increased marginally to Rs 1,521.71 crore in the April-June period of the 2023-2024 fiscal year from Rs 1,516.28 crore the previous year.
DLF Group‘s primary businesses are residential property development and selling (the development business) and commercial and retail property development and leasing (the annuity or rental business). It has produced over 158 real estate projects totalling more than 340 million square feet. The company has a total of 42 million square foot annuity portfolio.
Source- Moneycontrol
