Realty major DLF and GIC joint venture DCCDL's rental income rose 18% to ₹1,412 crore in the December quarter amid strong demand for premium office and retail spaces.
DLF Cyber City Developers Ltd (DCCDL) rental income stood at ₹1,193 crore in the year-ago period, according to DLF's latest investors presentation.
DLF holds nearly 67 per cent stake in DCCDL while Singapore's sovereign wealth fund GIC has the remaining equity shareholding.
1 January 2026
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At present, DCCDL has a total operational portfolio of 44.3 million square feet area, comprising prime office and retail spaces. Around 4 million square feet is retail area and the rest is office spaces.
On financial performance front, DCCDL's net profit before exceptional item rose 40% to ₹717 crore during the third quarter of this fiscal from ₹514 crore in the year-ago period. Total revenue grew 17% to ₹1,878 crore from Rs 1,605 crore.
Its net debt stood at ₹16,976 crore at the end of the latest December quarter.
When contacted, DLF Vice Chairman and MD (Rental business) Sriram Khattar said: "The 18 % year-on-year growth in rental income during the December quarter was primarily driven by sustained organic growth across our existing office and retail portfolio, complemented by the commencement of rental operations in two new towers at Downtown Gurgaon and Downtown Chennai." This strong performance has led to operating efficiencies and higher profitability, he said.
"We remain confident of delivering mid-teens revenue growth along with 20–25% growth in PAT in the medium term," Khattar told PTI.
DLF Ltd, the country's largest real estate firm in terms of market capitalisation, has parked bulk of its rent yielding commercial assets in JV firm DCCDL.
In addition to the DCCDL portfolio, DLF independently has nearly 5 million square feet of office and retail spaces, taking the overall group portfolio to 49.1 million square feet area. The occupancy level in the total office and retail spaces portfolio is at 94% and 97% respectively.
DLF Group is constructing 27 million sq ft of commercial area, of which 15 million sq ft is by DLF Ltd directly while 12 million square feet is under DCCDL.
"We remain steadfast towards further building up our annuity portfolio. Our operational portfolio of 49 million square feet coupled with our under-construction portfolio and a strong identified future pipeline should help us deliver a strong and consistent growth in our annuity business," DLF said in a statement last week.
According to industry experts, the demand for office and retail spaces remained strong during the 2025 calendar year despite global uncertainties.
Global Capability Centers (GCCs) have become a major demand driver for premium workspaces.
Real estate consultant CBRE noted that the gross leasing of office spaces stood at a record 82.6 million sq ft last year across nine major cities on better demand from domestic and foreign companies.
Real estate consultant Cushman & Wakefield data suggested that leasing of retail space in shopping malls and high streets across India's top eight cities rose 15 per cent to nearly 9 million sq ft last year on increased supply amid high demand from retailers.
DLF Group is primarily engaged in the business of developing and selling residential properties (the Development Business) and developing and leasing commercial and retail properties (the Annuity Business).
It has so far developed more than 185 real estate projects totalling over 352 million square feet.
At present, DLF has 280 million square feet of development potential across the residential and commercial segments.
