DLF to invest ~Rs 20,000 crore in the medium term to develop commercial properties, including office and retail spaces. According to the company, "Significant growth capex is committed to growth." The report added that an incremental capex of around Rs 20,000 crore is planned in the medium term.
These commercial assets will be developers in parent DLF Ltd and joint venture firms, including DLF Cyber City Developers Ltd (DCCDL).
In its annuity business, DLF has a strong operational portfolio of around 44 million square feet of rental assets, with high occupancy levels of 93 per cent. The portfolio is set to reach 73 million square feet in the medium term.
The DCCDL, a joint venture between DLF and GIC, holds the bulk of the rental assets of the DLF group. DLF has a 67 per cent stake in the JV firm."High quality owned land bank available for sustainable long-term growth," it read.
The annuity business includes the rental business of DLF, DCCDL, and Atrium Place, the hospitality business of DLF and the services/asset management business of the Group.
Reportedly, DLF's rental arm, DCCDL, will invest around Rs 6,000 crore to construct 75 lakh square feet of prime office and retail spaces in Gurugram.
DLF's rental arm, DCCDL, has commenced construction of 5.5 million (55 lakh) square feet of Grade A plus office spaces in the new phase of its ultra-premium commercial project 'DLF Downtown, Gurugram'. The DCCDL has also commenced construction of DLF Mall of India, Gurugram, with a total area of 20 lakh square feet.
