DLF to launch two housing projects in Mumbai at Rs 25,000/sf

DLF, the largest real estate developer in the country by market capitalisation, is looking to launch two housing projects in Mumbai at a price range of between Rs 15,000 and 25,000 per square feet as it expects the residential segment in the region to outpace the retail and commercial markets.

The company will launch a 2 million sq ft development as a slum rehabilitation project. It will be a joint venture project with Ackruti City and Shapoorji Pallonji, and is expected to be launched in another 1.5 years after rehabilitation work is completed. This JV project will be a luxury one, priced at about Rs 25,000 per sq ft.

The second project would be at Lower Parel where the company was earlier planning to build a retail mall. But now with falling demand in the retail and commercial market, the New Delhi-based developer is looking at mixed land use development. The project will have 4 million sq ft of development space and would predominantly be a residential launch.

The developer is also looking to launch projects in Bangalore, Chennai, and Hyderabad. In the nine months ending December, DLF has launched about 8.5 million sq ft of projects. It recently launched a luxury project in Delhi which was priced at 60% higher than its previous launch and has been tentatively priced at Rs 12,000 per square foot.