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DLF’s Mumbai push closely follows a record sale of luxury residences worth about $1.3 billion near capital New Delhi this week. | Photo Credit: Rasi Bhadramani
DLF Ltd. plans to start bookings in a premium residential project in Mumbai next month, marking the return of India’s top developer to the financial capital after thirteen years as it seeks newer growth markets.
“We’ll be launching the Mumbai project in July,” Aakash Ohri, joint managing director at DLF said in an interview, adding that the market held “immense potential.” The developer plans to build eight towers in two phases, with apartments priced upwards of ₹5 crores (₹577,480), according to its website.
DLF’s Mumbai push closely follows a record sale of luxury residences worth about $130 crores near capital New Delhi this week. It also comes amid signs that the galloping home sales in key Indian markets over the last two to three years is slowing because of high base and elevated home prices.
DLF’s upcoming West Park project spans over 5.6 acres with three- to four-bedroom flats, duplex and penthouses. The first phase of four towers includes 416 apartments with a carpet area of 1150-1,550 square feet. The project is slated to be completed by mid 2032, according to the state level real estate regulator.
The real estate developer, whose shares are up 3 per cent this year compared to a drop in a Nifty gauge of local property developers, will have its task cut out as it looks to enter an oversupplied market.
Unsold luxury housing stock in Mumbai rose 36 per cent on year in the March quarter, according to property consultant ANAROCK. Brokerage JM Financial said in a report last week that while the sector’s growth in larger Indian cities would moderate, the demand-supply scenario was comfortable.
DLF, which is a market leader in Delhi and adjoining regions, is keen to replicate the success in Mumbai, undeterred by how a foray in the past had not worked out.
DLF had acquired around 17 acres of Mumbai mill land in 2005 for around ₹700 crores But the global financial crisis and its own mounting debt forced the developer to sell the plot in 2012 for ₹2700 crores.
“At that time, attention was to consolidate back home. Commitments here needed more attention,” Ohri said, referring to why DLF had to pull back from Mumbai in 2012.
“We have consistently received interest and inquiries about DLF’s entry into the city,” Ohri said.
None of that is holding the developer back as it looks to make a comeback.
More stories like this are available on bloomberg.com
Published on June 20, 2025
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