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DLF Ltd has sold all 416 units in Phase 1 of its luxury project, The Westpark, in Andheri West, Mumbai, generating INR 2,300 crore in just days. Developed under the SRA scheme with Trident Realty, the project marks DLF's re-entry into Mumbai after a decade-long hiatus. DLF holds a 51% stake in the special purpose vehicle, with a combined investment of INR 900 crore. This successful launch, alongside strong performance in Gurugram, has helped DLF surpass 50% of its FY2024-25 sales target. The firm recorded all-time high sales of INR 21,223 crore last fiscal and aims for INR 20,000-22,000 crore this year.
DLF Ltd, India's largest property developer by market cap, has managed to sell all 416 apartments in the first phase of its luxury residential project The Westpark within days of its launch. Developed in partnership with Trident Realty, the project fetched a total revenue of INR 2,300 crore, underlining the robust demand for premium housing in Andheri West. Advertisement
DLF Home Developers Ltd, the residential arm of DLF, is leading the project in collaboration with Trident, with both parties planning to invest approximately INR 900 crore in the development. DLF holds a 51% stake in the project's special purpose vehicle, while the remaining 49% is with Trident Group.
This isn't DLF's first brush with the Mumbai market. Two decades ago, the company had entered the city with the acquisition of a land parcel. However, in 2012, it exited by selling 17 acres of that land to Lodha Developers for INR 2,700 crore. It had also attempted a joint venture with Akruti City, which didn't materialize into any launches. The new Andheri project is being undertaken under the Slum Rehabilitation Authority (SRA) scheme.
Together, the Mumbai and Gurugram launches have helped DLF surpass 50% of its annual sales booking target. For the 2024-25 fiscal, the company posted record sales of INR 21,223 crore up 44% from the previous fiscal's INR 14,778 crore. The firm has set this year's sales goal between INR 20,000-22,000 crore, signaling continued confidence in India's premium housing segment.
Source PTI
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