NEW DELHI: Realty firm DLF‘s joint venture firm DCCDL‘s rental income from office and retail spaces rose by 10 per cent to Rs 1,194 crore in the third quarter of this fiscal year on higher occupancy and rent appreciation. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore’s sovereign wealth fund GIC.
DLF holds nearly 67 per cent stake in the JV firm, while the GIC has the remaining 33 per cent.
The DCCDL, which holds bulk of the rent-yielding assets of DLF Group, has an operational rental portfolio of 40.4 million square feet, of which 36.4 million square feet area is office space and 4 million square feet retail real estate.
According to DLF’s latest investors presentation, the DCCDL’s rental income grew by 10 per cent in October-December quarter “driven by higher occupancy and rent enhancements.”.
The rental income grew to Rs 1,194 crore in the third quarter of 2024-25 from Rs 1,089 crore in the year-ago period.
Out of the total rental income, DCCDL’s office assets contributed Rs 962 crore rent in December quarter, up 10 per cent from Rs 876 crore in the year-ago period.
India’s top seven major cities saw a record gross and net leasing of office spaces during the 2024 calendar year on high demand from domestic firms and multi-national corporations (MNCs).
Rentals from retail real estate spaces also grew to Rs 231 crore from Rs 213 crore during the period under review.
On the financial front, the DCCDL’s revenue increased 9 per cent in October-December period to Rs 1,609 crore from Rs 1476 crore in the year-ago period.
Net profit jumped to Rs 941 crore from Rs 434 crore.
DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial properties (the Annuity Business).
DLF is the country’s largest real estate firm in terms of market cap. It has a strong presence in Delhi-NCR and Tamil Nadu markets.
The company has developed more than 185 real estate projects and developed an area more than 352 million square feet since inception.
The Group has 220 million square feet of development potential across residential and commercial segments.
