DLF

’s Mumbai Debut and Pan-India Expansion Signal Strategic Shift

Strong Mumbai debut, robust pre-sales, and expanding launch pipeline support growth trajectory for

🔹 Mumbai Re-entry: A Promising Start - DLF’s maiden project in Mumbai, The Westpark (Andheri), received an overwhelming response. - ₹2,300 crore worth of housing units were sold out within a week of its July launch. - The project, a slum rehabilitation JV with Trident Group, significantly boosted Q2 pre-sales. 🔹 Pre-Sales Surge & FY26 Guidance - Q2FY26 pre-sales jumped over sixfold YoY to ₹4,332 crore. - H1FY26 pre-sales doubled YoY to ₹15,757 crore, led by The Westpark and Privana North. - DLF reaffirmed its FY26 pre-sales guidance of ₹21,000–22,000 crore, appearing well on track. 🔹 Luxury Segment Performance - The Dahlias, DLF’s ultra-luxury Gurugram project, saw strong absorption with 18 units sold in Q2. - Cumulative sales reached 121 units, with ASP between ₹1.25–1.5 lakh/sq. ft 🔹 Upcoming Launches & Pipeline - Over the next 18 months, DLF plans launches in: - Goa (Q3/Q4FY26) - Gurugram (Arbour, Privana, Hamilton Court) - Mumbai (Westpark) - Medium-term launch pipeline stands at ₹60,000 crore. 🔹 Market Dynamics & Expansion Plans - Gurugram demand remains strong, driven by NRIs and quality-conscious buyers. - Nuvama Research warns of potential moderation due to affordability constraints. - DLF is evaluating entry into Noida and further expansion in Mumbai Metropolitan Region. - Mumbai registrations fell 10% YoY in October, raising concerns about demand softening. 🔹 Commercial Segment Update - Office occupancy at 99%; retail at 98%. - Phase 1 of Atrium Place (2.1 msf) received occupancy certificate; Phase 2 due by Q1FY27. - Rentals for Midtown Plaza and Summit Plaza in Delhi to begin Q3FY26. 🔹 Collections & Financial Position - H1FY26 collections rose 2% YoY to ₹5,470 crore, impacted by construction delays. - FY27 collection target: ₹13,000–14,000 crore. - DLF remains net cash-positive, though demand fatigue in key markets warrants monitoring.