DLF to invest Rs 1,700 cr for new shopping mall in Gurgaon Rohan, October 3, 2023October 9, 2023 Real estate giant DLF plans to begin construction on a new 2.5 million square foot shopping mall in Gurgaon this quarter. The project is estimated to cost around Rs 1,700 crore as the company aims to meet the increasing demand for quality retail space. Currently, DLF has a retail footprint of approximately 4.2 million square feet, including malls and shopping centres in the Delhi-NCR region. Of this, 340,000 square feet is under DLF Ltd, while the rest falls under the joint venture between DLF and Singapore sovereign wealth fund GIC, known as DLF Cyber City Developers Ltd (DCCDL). DLF’s Vice Chairman and MD (Rental Business), Sriram Khattar, highlighted that the retail sector has experienced a significant rebound following the COVID-19 pandemic, with strong growth in footfall and sales in shopping malls. Khattar stated that the construction of the Mall of India in Gurgaon is expected to begin in the third quarter of the fiscal year. The company already owns the land and estimated construction costs for the project amount to approximately Rs 1,700 crore. Additionally, DLF is constructing a premium mall in Goa spanning approximately 600,000 square feet. To cater to the needs of residents in the vicinity, DLF is also developing high-street shopping centres near its housing projects. Currently, shopping centres are being constructed in DLF-phase 5 in Gurgaon and Moti Nagar in Delhi. In its first-quarter investors’ presentation for the 2023-24 fiscal year, DLF emphasized a significant increase in retail presence, stating a goal to double its portfolio size within the next four to five years. DCCDL reported consolidated revenue of Rs 1,412 crore in the April-June quarter, representing a year-on-year growth of 12%. Consolidated profit for the quarter stood at Rs 391 crore, a 21% year-on-year increase. DLF’s revenue from the retail business reached Rs 187 crore in the first quarter of the fiscal year. Overall, DLF Group recorded a 12% rise in consolidated net profit to Rs 527 crore in the first quarter of the fiscal year, with total income slightly increasing to Rs 1,521.71 crore compared to Rs 1,516.28 crore in the year-ago period. DLF Group is primarily involved in the development and sale of residential properties as well as the development and leasing of commercial and retail properties. The company has developed over 158 real estate projects, covering more than 340 million square feet. With a land bank for the development of 215 million square feet, DLF Group operates in both residential and commercial segments. Investing