Realty major DLF and GIC joint venture DCCDL's rental income from office and retail spaces rose 16 per cent to Rs 5,525 crore last fiscal on better demand for its prime commercial assets, mainly across Gurugram and Chennai.
India's biggest realty firm DLF Ltd has parked bulk (90 per cent) of its rent yielding commercial (office and retail) assets in the joint venture firm DLF Cyber City Developers Ltd (DCCDL).
DLF holds nearly 67 per cent stake in DCCDL while Singapore's sovereign wealth fund GIC has the remaining equity shareholding.
1 May 2026
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According to DLF's latest investors presentation, DCCDL's office rent increased 17 per cent to Rs 4,550 crore last fiscal from Rs 3,874 crore in the year-ago period.
Rent from retail spaces grew 11 per cent to Rs 975 crore from Rs 880 crore.
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.
Commenting on the strong performance of DLF's annuity vertical, Sriram Khattar, Vice Chairman & MD (Rental Business) at DLF, said, "DCCDL delivered a strong performance in FY26, underpinned by the continued resilience of our high-quality rental portfolio and disciplined execution across our offices and retail business." DCCDL's assets sustained robust demand momentum, reflected in industry-leading occupancy levels and healthy cash generation, he added.
For the last fiscal, DCCDL reported a consolidated revenue of Rs 7,393 crore and EBITDA of Rs 5,718 crore, with profit growing 38 per cent year-on-year to Rs 2,726 crore.
"This is a validation of the quality of our asset base and the strength of our operating model," Khattar said.
He noted that India's commercial real estate market continues to demonstrate structural resilience.
The parent company independently owns 5.1 million square feet area, taking the total portfolio of DLF Ltd to nearly 50 million sq ft.
"With an asset base of approximately 50 million sq ft, a robust development pipeline and disciplined capital allocation, we are well-positioned to capture the sustained demand from global occupiers and the accelerating expansion of GCCs (Global Capability Centres)," Khattar said.
The upcoming completions of office complex 'Atrium Place' in Gurugram along with three shopping malls will meaningfully strengthen the company's annuity portfolio and provide additional growth momentum in the coming fiscal, he added.
DLF has developed more than 185 real estate projects, spanning over 352 million sq ft. The group has 280 million sq ft of development potential across residential and commercial segments, including current projects under execution.
DLF is primarily engaged in the business of development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business).
