Real estate major DLF Ltd is preparing to expand its luxury portfolio with new residential project launches across Goa, Mumbai, and Gurugram, while also gearing up to start earning rental income from three of its upcoming shopping malls in the next few quarters. The company said it expects these developments to strengthen its position in India’s high-end real estate segment, even as it focuses on timely execution and operational stability.
During its earnings call for the September quarter of FY2025–26 (Q2 FY26), Aakash Ohri, Joint Managing Director and Chief Business Officer at DLF Home Developers, said that several ultra-premium projects are in the pipeline for rollout over the next 18 months. These include a major project in Goa, Arbour Senior Living, Hamilton Court Phase II, and the second phase of The Westpark in Mumbai.
According to Mr. Ohri, while the Goa project is expected to be launched in Q3 FY26, the other developments are likely to be taken up for launch during FY27. He also indicated that DLF plans to explore further expansion through new rounds of investment in Privana and its projects in Panchkula in the coming financial year. “Right now, our main focus is making sure that our construction capabilities are strengthened so that customer commitments are on track,” he said during the call.
India’s largest listed real estate company by market capitalisation, DLF reported a 15 per cent decline in consolidated net profit for the September quarter compared to the same period last year. The decline was primarily attributed to high debt repayments. However, the developer recorded strong new sales bookings and robust operational performance, reflecting the sustained strength of India’s premium housing market.
DLF’s annuity business, which includes its rent-yielding office and retail assets, continued to demonstrate resilience, maintaining an occupancy rate of 94 per cent during the quarter. As per the company’s investor presentation, DLF currently has around 25 million square feet (msf) of annuity assets under planning and development, of which 2.7 msf is scheduled for completion in FY26.
The company expects rental income from its three major retail projects, Midtown Plaza in Delhi, Summit Plaza in Gurugram, and DLF Promenade in Goa, to start flowing in from Q4 FY26 and to build up fully by Q2 FY27. These assets together are projected to generate ₹450–460 crore in rental revenue annually once fully operational.
“Tenant bidders are progressing fast, and we expect the rental income to start coming in from December. But for all three put together, the rental income will come by about April next year,” said Sriram Khattar, Vice-Chairman and Managing Director at DLF.
DLF has already received the occupancy certificate (OC) for Midtown Plaza, while OCs for the Gurugram and Goa malls are expected soon. Khattar explained that after receiving OCs, tenants usually take around four to five months to complete their interior fit-outs before rental income starts accruing. DLF is identifying new retail and mixed-use assets to develop once these three malls become operational. “While our five-year projection does lay out some of those assets, serious work on those could begin by the early part of next year,” a senior company official said.
Mr. Khattar also provided updates on the company’s large-scale commercial developments. Construction work at Downtown Gurugram is currently in full swing, with completion targeted for mid-2028. Meanwhile, the Downtown Chennai project, which includes Towers 4 and 5, is progressing steadily and is expected to be completed by early 2028.
Image source- dlf.in
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