DLF MUMBAI PROJECTS
DLF’s joint managing director, Aakash Ohri, expressed that the company is “careful, cautious, and confident” regarding its upcoming project launch in Mumbai.
- Project Launch Details:
- DLF’s first residential project in the Mumbai real estate market is anticipated in the next few weeks.
- Ohri mentioned they are not “overconfident” but excited about entering a new market.
- Final Approvals:
- The final approval for the project is pending.
- Once the approval is secured, the project will be launched in Andheri, Mumbai.
- Ohri’s Comments on Confidence:
- He emphasized that doubt is not a concern for him and reassured excitement about the challenges ahead.
- He also highlighted that being cautious shouldn’t be mistaken for doubt, stating that if he had doubts, he would avoid entering any market.
- Market Perspective:
- Ohri referred to long-term market engagement, comparing it to a marathon.
- He advocated for carefulness regardless of market conditions, stating that the real estate cycle has just started a three-year period, with a potential five-year growth outlook based on various factors.
- Project Approvals:
- DLF is currently awaiting approvals for three projects: in Goa, Mumbai, and Privana Phase 3.
- Ashok Kumar Tyagi, DLF’s Managing Director, noted that the Mumbai approval is expected in the coming weeks, potentially allowing the launch soon.
- Historical Context:
- DLF’s re-entry into the Mumbai market occurred in July 2023, with plans for a premium project in Andheri featuring 3 BHK apartments.
- In January 2024, tentative pricing for the apartments was set between ₹5.5 crore and ₹7.5 crore.
- Collaboration for Construction:
- The Mumbai project is also a Slum Rehabilitation Authority initiative, developed in partnership with the Trident Group, covering nearly 1 million square feet.
- Previous Ventures in Mumbai:
- In 2005, DLF bought 17 acres of land in Lower Parel for ₹704 crore but sold it to Lodha (Macrotech Developers) for ₹2,700 crore after changing plans post-2008 economic crisis.
