DLF's DCCDL Reports 18% Rise in Q3 Rental Income to Rs 1,412 Crore

New Delhi, Jan 25: Realty major DLF and GIC's joint venture, DCCDL, has seen a notable 18% rise in rental income to Rs 1,412 crore in the December quarter. This growth is attributed to the strong demand for premium office and retail spaces, according to DLF’s latest investors presentation.

DLF Cyber City Developers Ltd (DCCDL) reported a rental income of Rs 1,193 crore in the year-ago period. DLF holds nearly 67% of the stake in DCCDL, while Singapore’s sovereign wealth fund GIC owns the remaining equity.

DCCDL currently manages a total operational portfolio of 44.3 million square feet, comprising prime office and retail spaces. Approximately 4 million square feet of this area is dedicated to retail, with the rest allocated to office spaces.

On the financial front, DCCDL’s net profit before exceptional items increased by 40% to Rs 717 crore during the third quarter of this fiscal year, up from Rs 514 crore in the corresponding period last year. Total revenue grew by 17% to Rs 1,878 crore from Rs 1,605 crore. As of the latest December quarter, DCCDL’s net debt stood at Rs 16,976 crore.

DLF Ltd, the country’s largest real estate firm in terms of market capitalization, has transferred a significant portion of its rent-yielding commercial assets to the JV firm DCCDL. In addition to the DCCDL portfolio, DLF independently manages nearly 5 million square feet of office and retail spaces, bringing the overall group portfolio to 49.1 million square feet. The occupancy levels in the total office and retail spaces portfolio are 94% and 97%, respectively.

DLF Group is currently constructing 27 million square feet of commercial area, with 15 million square feet under DLF Ltd directly and 12 million square feet under DCCDL.

“We remain steadfast towards further building up our annuity portfolio. Our operational portfolio of 49 million square feet, coupled with our under-construction portfolio and a strong identified future pipeline, should help us deliver a strong and consistent growth in our annuity business,” DLF stated last week.

According to industry experts, the demand for office and retail spaces remained strong during the 2025 calendar year, despite global uncertainties. Global Capability Centers (GCCs) have emerged as a major demand driver for premium workspaces.

Real estate consultant CBRE reported that the gross leasing of office spaces reached a record 82.6 million square feet last year across nine major cities, driven by better demand from both domestic and foreign companies. Cushman & Wakefield data indicated that the leasing of retail space in shopping malls and high streets across India’s top eight cities increased by 15% to nearly 9 million square feet, fueled by high demand from retailers.

DLF Group is primarily engaged in developing and selling residential properties (the Development Business) and developing and leasing commercial and retail properties (the Annuity Business). The company has completed more than 185 real estate projects totaling over 352 million square feet. Currently, DLF has a development potential of 280 million square feet across the residential and commercial segments.