Mumbai is 'serious business' for DLF; luxury, ultra-luxury expansion on the cards, says Akaash Ohri

DLF is exploring ultra-luxury projects and land options in Mumbai. The financial capital is 'serious business', says Aakash Ohri, MD, DLF Home Developers

Real estate major DLF is exploring luxury. ultra-luxury residential projects, as well as land options, in Mumbai. Calling the country's financial capital a 'serious business' for the company, DLF Home Developers Managing Director Aakash Ohri said that further announcements will be made as its plans take shape.

Real estate major DLF is exploring luxury. ultra-luxury residential projects, as well as land options, in Mumbai. (Mehul R Thakkar/HT)

Speaking on the sidelines of the HT Real Estate Summit in Delhi, Aakash Ohri said the second phase of the company's Mumbai project is expected to launch by the end of the second quarter or in the third quarter of the current financial year.

“Mumbai’s second phase will be in either quarter two end or quarter three, but as you are all aware, the first phase was a stupendous success, and the second phase, I would say, will be a more evolved product than the first phase. The resultant feedback there has been that it has definitely driven a lot of value in the area,” he told HT Real Estate.

“And yes, we are looking at luxury and ultra luxury and land options in Mumbai. Mumbai is a serious business for us, and as and when we have that, we should be making those announcements as well,” he said.

Pipeline in Gurugram

On the company’s future ultra-luxury pipeline in Gurugram, Ohri said its immediate focus remains on The Dahlias, describing it as a nearly $4-billion project that requires significant execution time.

“The Dahlias itself is such a mammoth project, it is almost a $4 bn project right now, so all our attention is there. And projects like these take time. In terms of concept, development, time to execute, market, these are not fly-by-night kind of projects, so they take time,” he told HT Real Estate on the sidelines of the HT Real Estate Summit.

He said that once the ecosystem around DLF Golf Links is fully developed, including the completion of the ‘necklace’ of projects in the area, the company plans to launch at least a couple of additional developments there.

“Once this is done, that whole necklace is complete, and that ecosystem that we are building there at the DLF Golf Links, you will see at least a couple of more projects there,” he said.

On the senior living project in Gurugram

On its much-awaited entry into the senior living segment in Gurugram, Ohri said the project remains on track for launch in the second quarter. While he did not disclose the price, citing compliance norms, he said the development has generated considerable excitement.

He said the company’s first senior living project will go beyond housing by creating a comprehensive ecosystem with supporting infrastructure designed specifically for senior citizens.

"Senior living, as you know, we have made full disclosures in our guidance. Senior living is slated for quarter two," he said.

"We should be in the market soon. There is quite a lot of excitement around the product. What we want to do for senior living is put together good infrastructure around it to make it meaningful for seniors," the company said.

“That is one project even in the DLF’s stable, it is for the first time, and we are all excited about it,” he added.