The real estate giant DLF intends to begin construction on its first project in Mumbai by December 2024, subject to permission and necessary clearances. DLF is set to invest ₹400 crore in equity for the project, which has the potential to deliver between 3 and 3.5 million square feet of saleable space.
The Andheri property will provide three-bedroom and three-bedroom-plus apartments in configurations ranging in price from ₹5.5 crore to ₹7.5 crore. The Slum Rehabilitation Authority (SRA) and the Trident Group are partners in this Mumbai project.
DLF Limited, a prominent real estate developer based in Delhi-NCR, is poised to make a significant entry into Mumbai’s real estate market with the launch of its inaugural project in the city by December 2024. This strategic move marks DLF’s re-entry into Mumbai after a hiatus since 2012, underscoring the company’s commitment to expanding its footprint in India’s prime urban centers.
Project Overview
The upcoming development is situated in Mumbai’s bustling Andheri area and is being executed as a Slum Rehabilitation Authority (SRA) project in collaboration with the Trident Group. DLF has earmarked an equity investment of ₹400 crore for this venture, which is projected to offer a saleable area ranging from 3 million to 3.5 million square feet. The initial phase will encompass approximately 1 million square feet of development. The residential units are designed as premium offerings, featuring 3 BHK and 3 BHK plus configurations, with prices estimated between ₹5.5 crore and ₹7.5 crore.
Progress and Approvals
As of August 2024, the project has made substantial progress, particularly in its rehabilitation component. The first slum rehabilitation building, a structure of about 35 stories, has been completed, and the process of relocating existing tenement dwellers is set to commence shortly. The necessary approval and clearance processes are actively underway, with DLF targeting a project launch by December 2024. However, this timeline is contingent upon the timely receipt of all requisite approvals, and there is a possibility of the launch extending into January 2025.
Strategic Re-entry into Mumbai
DLF’s re-engagement with the Mumbai market is a noteworthy development, especially considering its previous exit in 2012 when it sold a 17-acre land parcel in Lower Parel to Lodha Developers for ₹2,700 crore. The current project in Andheri signifies DLF’s renewed focus on Mumbai’s lucrative real estate sector. According to Ashok Kumar Tyagi, Managing Director and Chief Financial Officer of DLF Limited, the company is optimistic about the project’s prospects and is diligently working through the approval processes to meet the anticipated launch timeline.
Market Outlook and Future Plans
The Mumbai real estate market continues to exhibit robust demand for premium residential properties. DLF’s strategic investment in this project aligns with its broader expansion plans, which include entering new markets and diversifying its portfolio. In addition to the Mumbai venture, DLF is also planning to launch a luxury residential project in Goa, comprising 62 ultra-luxury villas priced between ₹40 crore and ₹50 crore, with an expected launch by September 2024.
The successful execution of the Mumbai project is anticipated to enhance DLF’s presence in western India and contribute positively to its financial performance. The company’s strategic focus on premium developments in key urban centers reflects its commitment to catering to the evolving preferences of discerning homebuyers and capitalizing on growth opportunities in India’s dynamic real estate landscape.
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