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Informist, Tuesday, Aug. 4, 2026

 

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--DLF: To see more demand from rental business in Q2, Q3
--CONTEXT: Comments by DLF mgmt in post-earnings analyst call
--DLF: Entry price of an apartment in Dahlias now at INR 1 billion
--DLF: Price realisation at Dahlias now INR 100,000-125,000/sq ft
--DLF: Leased 65% at Goa site as on Jul 31, hope to cross 85% in 6-8 weeks
--DLF: Focus only to construct, not operate data centers as real estate player
--DLF: Looking at 3-year cycle before complete sale of flats in Dahlias
 

 

By Sunil Raghu and Adhithya Aji

 

AHMEDABAD/MUMBAI – Strong demand for DLF Ltd.'s super-luxury Dahlias project in Gurugram could help the company sell the entire inventory within three years, compared with its earlier target of five years, management told analysts at a post-earnings call with analysts on Tuesday.

 

DLF has already sold almost all the lower and middle floors of the south and north blocks of the project, management said. "There was a 5-year process to selling Dahlias year-on-year, basically about 20% a year. But since we are now over 60% sold in this time, I think and also people have to kind of get used to the new price points of that area," a company official said. "The entry level of Dahlias is now 100 crores (INR 1 billion) plus."

 

The official said the price realisation is at over INR 100,000 per square foot for lower floors and INR 120,000-125,000 per square foot for higher floors. "So that's where we are, but there is a process to Dhalias. It can't be sold like any other, say even $500,000 or $600,000 kind of a product. It requires a reasonable amount of time and attention," the official said. 

 

The company official said nearly one-fourth of the demand for the super-luxury residential project now comes from outside of Gurugram. The launch of Dahlias Experience Centre around Diwali is expected to further boost sales, the official said.

 

DLF announced Tuesday that its consolidated net profit grew over 4% on year to INR 7.94 billion. The net profit was well below the Street's expectation of INR 10.81 billion. Though the year-on-year rise in net profit was small, it was still a reversal from a decline in the previous quarter. The company's consolidated revenue from operations declined 53% on-year to INR 12.8 billion.

 

Analysts had expected the net profit to rise sharply owing to higher margins from luxury projects such as Dahlias, high rental income from DLF Cyber City Developers Ltd., and lower finance costs. They had also expected revenues to decline moderately in the absence of new launches during the quarter.

 

Regarding revenue from leasing property at DLF Promenade in Goa, the company said that as of Jul. 31, it has leased nearly 65% of the project. "There are a number of brands who have not experienced the Goa market and therefore are taking a little longer to come, but we are quite hopeful that we will cross 85-90% leasing in the next six to eight weeks," the official said. The company expects rentals from this mall to stabilise by May or June next year.

 

On the overall rental market for developers like DLF, the company official said the debate has been revolving around two factors: the impact of artificial intelligence on hiring by various multinationals and global capability centres, and the war between Iran and the US and the ever-changing dynamics. "These two did slow down the decision-making of the global companies because, as you investors and analysts will appreciate, no one likes uncertainty. But over the last four or five weeks, I personally see the green shoots of the international companies coming back and making enquiries and starting to take decisions," the official said.

 

The official expressed optimism that the September and December quarters would be "good quarters", adding that currently the vacancy levels were very low and that their newer projects at Cyber Park, Atrium Place, Downtown Gurgaon, Downtown Chennai were nearly 100% leased. "Our CapEx programme on Downtown Gurgaon Phase 2 and Downtown Chennai Phase 2 are going at full speed and the leasing here in Gurgaon is about 40%," the official said. As for the leasing in Taramani, Chennai, pre-leasing stands at about 17-18% currently.

 

On whether DLF was expanding into the data centre business, the official said the company has decided to focus only on the real estate business and constructing data centres for companies as real estate developers. "The data centre business is a business of three different components which come together. One is real estate, the second is SPAR (Space, Power, Air-conditioning, Reliability), and the third is technology of the racks and how you efficiently store the data... (we are) not getting into the business of buying the technology and running the data centres ourselves, and we don't intend to do so."

 

On immediate plans, management said while it acknowledged that the June quarter from a pre-sales standpoint was "muted", it remained hopeful of being able to stick to their broad guidance for sales for the year. "The focus that we have on cash flows and embedded margins and fiscal prudence, that continues. You would continue seeing some strategic land investments as the clock moves," the official added.

 

On Tuesday, DLF's shares closed nearly 3.8% lower at INR 643.40 on the National Stock Exchange.  End

 

Edited by Saji George Titus

 

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