Real estate major DLF is focusing on expansion into developing residential and commercial projects and will enter new markets in Mumbai and Goa to capitalize on growth opportunities, its chairman Rajiv Singh said.
In a message to shareholders in the annual report, Singh said the company remains focused on corporate governance, operational excellence and upholding its founders' values.
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“We are focused on expanding both our residential and commercial businesses. Our residential business maintained its growth momentum, seeing an increase in new sales bookings and record sales growth.
“The market response to our products continues to be very positive. With this confidence, we are expanding into new geographies like Mumbai and Goa,” he said.
As the company continues to launch new projects in the Delhi NCR, Singh said its strategy is to introduce diversified products to meet the ambitious needs of the market.
DLF has achieved strong sales bookings over the past two years, driven by a significant increase in demand for luxury homes.
The company has reported record revenue of Rs 15,058 crore in 2022-23 and revenue of Rs 14,778 crore in 2023-24.
For the current financial year (2024-25), DLF has set a target of growing sales bookings by 15 per cent to Rs 17,000 crore as it plans to launch a number of luxury residential projects in Gurugram, Goa and Mumbai.
The DLF chairman said the commercial business — development of office buildings, shopping centres — continued to perform well and occupancy rates across the portfolio increased significantly.
“We continue to invest in new capex in new builds in Gurugram, Chennai, Delhi and Goa,” he said.
“This is a long-term undertaking and hard work over the past decade has helped us to position ourselves strongly today,” Singh noted.
The chairman also told shareholders that the company will continue to invest in talent and strengthen its internal policies to ensure it has a strong framework to support this growth.
“While we strive for greater heights, we remain committed to our focus on operational excellence and corporate governance, and remain committed to the values established by our founders as the foundation and guiding principle of our company. Our goal is to achieve long-term, sustainable growth for all our stakeholders,” Singh said.
Commenting on the overall economic situation in the country, the DLF Chairman said the Indian economy has witnessed a broad-based recovery across all sectors and has surpassed the pre-pandemic growth trajectory.
“Over the past decade, far-reaching structural and governance reforms have strengthened the fundamentals of the economy, making India a shining star in the global economy. The sustained growth momentum reaffirms the Indian economy's ability to grow faster than ever before.”
He said he strongly believes the next decade will be India's.
Speaking about the new government, Singh said, “The third term of Prime Minister Narendra Modi's government will mark a milestone in good governance. This continuity will accelerate the rollout of policies with renewed vigour for growth.”
He said the pace of progress and improvements would accelerate growth in the coming years.
“The government is investing heavily in areas like infrastructure, highways, railways, electrification etc. All this progress in the new construction cycle will pave the way towards achieving the Prime Minister's vision of 'Bhikshit Bharat 2047' coinciding with the 100th anniversary of the nation's independence,” Singh said.
The DLF Chairman believes that the real estate sector will contribute significantly to India's economic development, generate employment and thus lead to macro-economic and social growth.
DLF is the country's largest real estate company by market capitalisation.
The company has developed over 158 real estate projects totaling more than 340 million square feet.
DLF Group has a future development potential of 215 million sq ft across residential and commercial sectors.
The company's annuity portfolio is over 44 million square feet with annual rental income of over Rs 4,000 crore.