DLF, a prominent real estate player in India, is poised to make its entry into the bustling Mumbai market. The company, which previously exited the city in 2012, is back with a new project in Andheri.
This project, expected to launch by December 2024, will be DLF’s first venture in Mumbai since its 2005 purchase of 17 acres of land in Lower Parel. The company has now acquired a new plot in Andheri, and their first phase is anticipated to encompass approximately 1 million square feet of development. The project will feature premium apartments, priced between ₹6 crore and ₹8 crore, consisting of 3 BHK and 3 BHK plus units.
DLF’s Managing Director, Ashok Kumar Tyagi, expressed optimism during an investor call, indicating that approvals for the Mumbai project could be received within a few weeks, allowing them to launch the project. The company is also aiming to launch projects in Goa and Privana Phase 3, with those approvals potentially coming later in the year.
A Strategic Move for DLF
The decision to return to Mumbai signals DLF’s strategic intent to tap into the city’s vibrant real estate market. The company believes the demand for premium residential properties in Mumbai is strong, a sentiment echoed by DLF’s Joint Managing Director and Chief Business Officer, Aakash Ohri, who highlighted the “good kind of demand” he has observed in the market. DLF is also confident in the pricing of their project, seeing the expectations in the market as “quite reasonable.”
DLF’s presence in Mumbai could potentially stir competition amongst existing developers. Ohri acknowledges this competition, stating that while the company will engage in similar activities as other developers, their approach to packaging the product will be unique. This indicates DLF’s intent to differentiate themselves in the market and establish a distinct brand identity.
Anticipating the Impact
DLF’s re-entry into the Mumbai real estate market signifies a significant development in the city’s real estate landscape. The company’s foray into this competitive market with a premium project could potentially influence pricing trends and consumer preferences. It remains to be seen how DLF’s presence will reshape the market and whether it can establish itself as a significant player alongside existing developers.
