DLF, a real estate developer, plans to enter the Mumbai residential market in the second half of the current fiscal year (2024-25), with flats priced between Rs 6 and 8 crore, according to Akash Ohri, its joint managing director and chief business officer, who spoke with Business Standard on Wednesday. 

The Gurgaon-based realtor will be in his second inning in Mumbai. About 11 years ago, the firm exited the financial capital market. 

In an exclusive interview, Ohri revealed that the developer will also launch 62 villas in Goa, priced between Rs 40-50 crore, in the second or third quarter of FY25. 

“We plan to visit Goa next quarter,” Ohri said. 

Earlier this week, DLF reported a 62% increase in its consolidated net profit to Rs 920.71 crore for the quarter ended March 31, compared to Rs 570.01 crore in the same period last year. 

Its total sales bookings fell by 2% to Rs 14,778 crore from a record Rs  15,058 crore last year. It plans to increase sales bookings by  15% to Rs 17,000 crore in fiscal year 25. 

DLF is the country’s largest real estate company by market capitalization. 

On Wednesday, Ohri said that non-resident Indians (NRIs) contributed 22-23% of total sales bookings in FY24. 

The NRI contribution to the recently launched Rs 5,590 crore project Privana West, which sold in three days, was 27%. 

For FY25, DLF  intends to maintain an NRI contribution of 22-25  percent. 

“We will not do more than that this year; we have a lot of domestic users, so we set quotas,” he said. 

Furthermore, DLF hopes to generate Rs 3,500-5,000 crore in total sales bookings from super luxury apartments out of Rs 17,000 crore. 

Apart from Goa and Mumbai, Ohri stated that DLF would launch luxury housing projects at DLF Phase-5 in Gurgaon. It would be revealed following the launch of villas in Goa. 

The upcoming DLF phase 5 project in Gurgaon is expected to outperform its ultra-luxury housing project The Camellias, where an apartment recently sold for Rs 100 crore on the secondary market.