DLF Cyber City office rental income rises 11% to Rs 9.42 Bn

30 Jul 2024 CW Team

According to an investor presentation, Realty firm DLF's rental arm, DLF Cyber City Developers Ltd (DCCDL), has reported an 11% annual increase in office rental income, reaching Rs 9.42 billion for the first quarter of the fiscal year. This growth is attributed to higher demand for its premium workspace. DCCDL, a joint venture between DLF and the Singapore sovereign wealth fund GIC, has DLF holding a 66.67% stake and GIC owning 33.33% of the venture.

The rental income from office buildings rose from Rs 8.51 billion in the same period last year to Rs 9.42 billion this year. In addition, rental income from retail real estate increased by 9%, reaching Rs 2.1 billion from Rs 1.92 billion the previous year.

DLF indicated that it achieved double-digit rental growth in the commercial real estate segment through both organic growth and new developments. The company also noted a significant expansion in retail presence, with plans to double its portfolio in the next 4-5 years. Efforts are being made to unlock development potential and modernize existing assets, with DCCDL currently managing a portfolio of 42 million square feet and maintaining an occupancy rate of 93%.

On the financial front, DCCDL's revenue grew by 10% year-over-year to Rs 1,553 crore during the April-June period of 2024-25, up from Rs 14.11 billion in the previous year. Its profit after tax also saw a 20% increase, rising to Rs 4.7 billion from Rs 3.91 billion in the corresponding period of the prior year.

DLF expressed confidence in the rental business outlook and is accelerating capital expenditure commitments to enhance its rental portfolio and sustain growth. As India's largest real estate developer by market capitalization, DLF has developed over 178 projects spanning more than 349 million square feet over the past seven decades and has a development potential of 220 million square feet across residential and commercial segments.

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