DLF-GIC JV firm DCCDL’s office rental income rises 11% to Rs 942 cr in Q1
The rental income from retail real estate space grew 9 per cent to Rs 210 crore in the first quarter of this fiscal from Rs 192 crore a year ago.(Photo: Wikimedia Commons)
Realty firm DLF’s rental arm DCCDL has posted an 11 per cent annual increase in office rental income to Rs 942 crore during the first quarter of this fiscal on better demand for its premium workspace.
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF holds a 66.67 per cent stake, while the GIC has a 33.33 per cent stake in DCCDL.
According to the latest investor presentation, DCCDL’s rental income from office buildings rose to Rs 942 crore during the April-June period of the current fiscal from Rs 851 crore in the year-ago period.
The rental income from retail real estate space grew 9 per cent to Rs 210 crore in the first quarter of this fiscal from Rs 192 crore a year ago.
On the commercial real estate segment, DLF said it has achieved “double-digit rental growth through organic growth and new developments”.
“Significant increase in retail presence; portfolio to grow to 2 times in the next 4-5 years,” it added.
DLF said it is unlocking the development potential and also modernising existing assets.
At present, DCCDL has a portfolio of 42 million square feet with occupancy levels at 93 per cent.
On the financial performance front, DCCDL’s revenue has grown 10 per cent annually to Rs 1,553 crore in the April-June period of 2024-25 from Rs 1,411 crore in the year-ago period.
Its profit after tax increased 20 per cent to Rs 470 crore from Rs 391 crore in the corresponding period of the previous year.
“We continue to have a positive outlook on the rental business and are accelerating our capex commitments to further strengthen our rental portfolio and deliver healthy growth,” DLF said.
DLF is India’s largest real estate developer in terms of market capitalisation.
In the past seven decades, DLF has developed more than 178 real estate projects comprising more than 349 million square feet of area.
DLF Group has 220 million square feet of development potential across residential and commercial segments.
It is primarily engaged in the business of the development and sale of residential properties (the Development Business) and the development and leasing of commercial and retail properties (the Annuity Business).
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First Published: Jul 28 2024 | 4:32 PM IST