Mumbai real estate: DLF expected to launch first phase of project in the financial capital by March 2025

DLF’s Mumbai project is located in Mumbai’s Andheri area and is a slum rehabilitation authority venture being developed in partnership with the Trident Group

Delhi-NCR-based listed real estate developer DLF has said that it plans to launch the first phase of its Mumbai project in the fourth quarter of the ongoing financial year.

Delhi-NCR-based listed real estate developer DLF has said that it plans to launch the first phase of its Mumbai project in the fourth quarter of the ongoing financial year. (Picture for representational purposes only)(DLF)

The company had in July 2024 said it plans to launch the project by December 2024 or January 2025. However, during the Q2FY25 earnings call held recently, the company said that it plans to launch the project in Q4.

“The balance approvals, which are Goa, Mumbai, and the next phase of Privana are all in different stages of the approval processes,” Ashok Kumar Tyagi, Managing Director and Chief Financial Officer (CFO), DLF Limited said during an investors’ call held recently.

“The approvals for all these projects, Privana, the next phase, Goa and Mumbai are all in advanced stages, frankly. I'm not sure whether the entire Maharashtra code of conduct has a bearing on that, because these are now fairly routine approvals. None of them is like a policy approval. So at least Mumbai, currently, we do look strong to go for a Q4 -- I mean, for approvals and the launch to happen in Q4, unless there's something completely unforeseen that happens,” he said answering a query on whether the project approvals may get delayed on account of the upcoming assembly elections in Maharashtra scheduled to be held on November 20.

"Sometimes, frankly, especially for non-Gurgaon approvals, it becomes very difficult to predict down to the last fortnight, but we continue to be confident of hopefully launching Mumbai in Q4. And Privana and Goa also look to be going on track," Ashok Kumar Tyagi, Managing Director and Chief Financial Officer (CFO), DLF Limited said during the call.

Goa, Mumbai, and the next phase of Privana are all in different stages of approval processes, Tyagi said.

The company in January 2024 had said that the project in Mumbai's Andheri area will tentatively have apartments in the range of ₹5.5 crore to ₹7.5 crore. The company will have 3 BHK and 3 BHK plus apartments. The first phase of the project consists of 1 million square feet of development, the company had said.

The company is constructing its first project in Mumbai, a Slum Rehabilitation Authority project, in partnership with the Trident Group. DLF had announced its re-entry into the Mumbai real estate market with this project in July 2023.

DLF will pump in ₹400 crore as equity to develop the project with a potential saleable area of 3 million to 3.5 million square feet, the company had said.

Q2FY25 results

DLF on October 25 had reported an over two-fold jump in its consolidated net profit to ₹1,381 crore in the September quarter. The company had posted a net profit of ₹622.78 crore in the year ago period.

The company's total income was up by almost 48% to touch ₹2,181 crore during the July to September period of 2024-2025 from ₹1476.42 crore in the same period last year, the company said in a regulatory filing.

During the first six months of this fiscal, the company's net profit increased sharply to ₹2,026.69 crore from ₹1,149.78 crore in the year-ago period. The company’s total income grew to ₹3,910.65 crore during the April-September period of this fiscal from ₹2,998.13 crore in the same period of the preceding financial year, it said.