India's largest realty firm DLF Ltd and Trident Realty have sold all 416 flats for around ₹2,300 crore in a luxury residential project in Mumbai on high demand.
In a regulatory filing on Friday, DLF said that the entire 416 units launched in the first phase of 'The Westpark' project has been sold for ₹2,300 crore in less than a week.
DLF arm DLF Home Developers Ltd is developing this project at Andheri West in partnership with Trident Realty.
"Our entry into Mumbai represents a significant strategic milestone for DLF," said Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd.
"Mumbai has always been a key component of our national growth strategy, and with the launch of The Westpark, we are proud to offer a development that resonates with the aspirations of the city's discerning residents," he added.
DLF and Trident Realty will invest around ₹900 crore to develop this luxury housing project at Andheri (West).
The company launched the first phase of this 5-acre project in a price range of ₹42,000 per sq ft to ₹47,000 per sq ft. It sold flats in a range of ₹4 crore to ₹7.5 crore.
In July 2023, DLF had announced its re-entry in Mumbai market by partnering with NCR-based builder Trident group.
Then, DLF had said that the company would hold a 51% stake in the special purpose vehicle (SPV) which will develop this project. The remaining 49% would be with Trident Group.
This is a Slum Rehabilitation Authority (SRA) project. DLF had entered Mumbai two decades ago with purchase of a land parcel.
But, in 2012, DLF had sold 17-acre land parcel in Mumbai to Lodha Developers for ₹2,700 crore.
It had also formed a joint venture with Akruti City to develop a few projects, but could not launch any project.
DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of ₹21,223 crore in 2024-25 fiscal, an increase of 44% from ₹14,778 crore in the preceding financial year.
DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal at ₹20,000-22,000 crore, almost in same range as last financial year.
Last month, the company launched and completely sold the 'DLF Privana North' housing project in Gurugram, comprising 1,164 units.
DLF will invest around ₹5,500 crore to develop this 17.7 acre project, which has already been completely sold out for around ₹11,000 crore.
With the successful launch of Gurugram and Mumbai projects, DLF has already achieved more than 50% of its annual sales bookings target.
On financial performance, DLF's net profit increased to ₹4,366.82 crore during 2024-25 fiscal from ₹2,723.53 crore in the preceding year.
Total income rose to ₹8,995.89 crore in the last fiscal from ₹6,958.34 crore in the 2023-24 financial year.
Since its inception, DLF has developed more than 185 real estate projects and developed an area more than 352 million square feet.
DLF Group has 280 million square feet of development potential across residential and commercial segment, including current projects under execution and the identified pipeline.
The group has an annuity portfolio of over 45 million square feet.
DLF is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).
