October 4, 2023: Real estate developer DLF is expected to start the construction of a 25 lakh square foot (sqft) shopping mall called Mall of India in Gurgaon in Q3 FY24. According to media reports, the developer may invest Rs 1,700 crore in this project. DLF already owns the land where the mall is being planned.
In addition to Mall of India, DLF is also constructing a shopping mall in Goa of around 6 lakh sqft. DLF is also developing high-street shopping centres near its residential projects to cater to the needs of those residing in and around these projects. The developer has already begun the construction of these shopping centres in Delhi’s Moti Nagar and Gurgaon’s DLF Phase-5.
According to media reports, DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square foot (msf). The group has an annuity portfolio of over 42 msf, of which around 3.4 lakh sqft retail portfolio is under DLF Ltd and the rest is under DLF Cyber City Developers Limited (DCCDL). DLF Group has land banks to develop 215 msf across residential and commercial segments.
DDCDL’s consolidated revenue during the Q1 FY24 stood at Rs 1,412 crore, a year-on-year (YoY) growth of 12%. The consolidated profit stood at Rs 391 crore even as revenue from retail business stood at Rs 187 crore during the first quarter of this fiscal year. DLF has clocked a 12% in consolidated net profit to Rs 527 crore in Q1 FY24 from Rs 469.57 crore in the year-ago period.
