DLF-GIC JV Sees 11% Rise in Office Rental Income to Rs 942 Crore in Q1
DLF, India's largest real estate developer, has posted an 11% annual increase in office rental income to Rs 942 crore in Q1, driven by robust demand for premium workspace.
Real EstateDlfGicOffice Rental IncomeCommercial Real EstateReal Estate NewsJul 28, 2024
DLF holds a 66.67% stake in DCCDL, while GIC has a 33.33% stake. The company's rental income from office buildings rose to Rs 942 crore during the April-June period of the current fiscal from Rs 851 crore in the year-ago period.
In the retail real estate segment, DCCDL's rental income grew 9% to Rs 210 crore in the first quarter of this fiscal from Rs 192 crore a year ago. The company has achieved double-digit rental growth through organic growth and new developments, and is expected to grow its retail presence to 2 times in the next 4-5 years.
DCCDL has a portfolio of 42 million square feet with occupancy levels at 93%. The company is unlocking the development potential and modernizing existing assets. On the financial performance front, DCCDL's revenue has grown 10% annually to Rs 1,553 crore in the April-June period of 2024-25 from Rs 1,411 crore in the year-ago period. Its profit after tax increased 20% to Rs 470 crore from Rs 391 crore in the corresponding period of the previous year.
DLF, India's largest real estate developer in terms of market capitalization, has developed more than 178 real estate projects comprising more than 349 million square feet of area over the past seven decades. The company has 220 million square feet of development potential across residential and commercial segments.
Information
DLF is a leading Indian real estate developer with a primary focus on residential and commercial projects. The company has a strong track record of delivering high-quality projects and has a significant presence in the Indian real estate market.
GIC is a sovereign wealth fund established by the Government of Singapore to manage the country's foreign reserves. The fund invests in a range of assets, including real estate, with a focus on generating long-term returns.
Frequently Asked Questions
What is DLF Cyber City Developers Ltd (DCCDL)?
DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC, primarily engaged in the development and leasing of commercial and retail properties.
What is the current occupancy level of DCCDL's portfolio?
The current occupancy level of DCCDL's portfolio is 93%.
What is the development potential of DLF Group?
DLF Group has 220 million square feet of development potential across residential and commercial segments.
What is the revenue growth of DCCDL in the first quarter of this fiscal?
DCCDL's revenue has grown 10% annually to Rs 1,553 crore in the April-June period of 2024-25 from Rs 1,411 crore in the year-ago period.
What is the expected growth of DCCDL's retail presence?
DCCDL's retail presence is expected to grow to 2 times in the next 4-5 years.
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