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DLF Cyber City Developers Ltd (DCCDL), the joint venture between real estate major DLF and Singapore's sovereign wealth fund GIC, reported an 11% year-on-year rise in office rental income to INR 3,874 crore, driven by strong workspace demand and rental escalations. The retail rental segment also saw a 6% uptick, reaching INR 880 crore. With a massive 43 million sq ft of operational space, DCCDL continues to anchor DLF's commercial real estate strategy. Net profit rose sharply by 46% to INR 2,461 crore, bolstered by a one-time gain of INR 431 crore from an IT Park sale in Kolkata.
DLF Cyber City Developers Ltd (DCCDL), the commercial real estate arm jointly owned by DLF and Singapore's sovereign wealth fund GIC, recorded a notable 11% increase in office rental income to INR 3,874 crore during the past financial year. This growth was attributed to stronger demand for workspaces and periodic rental escalations. The figure had stood at INR 3,497 crore in the prior fiscal year. Advertisement
DLF retains a controlling stake of approximately 67% in the joint venture, while GIC holds the remaining equity. The entity remains central to DLF's commercial portfolio strategy.
As detailed in DLF's investor presentation shared earlier this week, DCCDL's rental income from its retail real estate assets witnessed a 6% annual increase, touching INR 880 crore, up from INR 828 crore a year prior. This performance was supported by sustained footfall and stable leasing activity across its shopping centres.
DCCDL currently manages an operational rental portfolio of 43 million square feet, comprising 39 million square feet of office spaces and 4 million square feet of retail properties. An additional 12 million square feet of commercial area is under various stages of construction, spread across major hubs such as Gurugram, Noida, Chennai, and Hyderabad.
DLF has parked the majority of its rent-yielding commercial properties under the DCCDL banner, reinforcing the JV's strategic role in the group's long-term real estate play.
The JV's consolidated net profit surged 46% to INR 2,461 crore during the past financial year, compared to INR 1,690 crore in the preceding one. This robust growth includes an exceptional income of INR 431 crore from the divestment of its IT Park asset in Kolkata.
Overall revenue climbed 9%, rising to INR 6,448 crore from INR 5,898 crore reported during the previous fiscal.
Sriram Khattar, Vice Chairman and Managing Director of DLF's rental business, conveyed that the group anticipates steady demand momentum across its annuity income streams. He noted that rental income is likely to strengthen further with the lease commencement of a newly completed office block at DLF Downtown in Gurugram, which spans around 2 million square feet.
DLF's strategy of consolidating its rent-yielding assets under a well-capitalised JV with GIC has yielded substantial dividends, further enhanced by the completion of new office assets. As the company prepares to monetise new projects and expand its portfolio, the upward trajectory in rental income signals a promising future for its annuity-led business model.
Source - PTI
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