DLF, country's largest realty player likely to invest up to Rs 3,000 crore in the next five years to develop shopping malls across India. Following government’s move of allowing 51% foreign direct investment in multi-brand retail and 100% in single brand, DLF will look forward for more opportunities.
The company will develop 3.5 million square feet to 4 million square feet of retail space. The new retail malls will come up in cities, including the Capital, NCR, Jalandhar, Lucknow, Kolkatta, Chennai, Kochi and Indore. DLF plans fund the expansion through internal accruals. DLF already has presence in malls business and have many international brands.
The company’s net profit for the quarter has zoomed146.61% at Rs 302.57 crore as compared to Rs 122.69 crore for the corresponding quarter of the previous year. The company’s total income has increased by 59.90% at Rs 1241.69 crore for the second quarter of the current fiscal from Rs 776.56 crore for the corresponding quarter of the previous year.