DLF to develop a residential project in Mumbai, ties up with Trident realty

economictimes.indiatimes.com:

DLF will enter the Mumbai property market with a project in Andheri West, the company announced on Friday. The company will develop around 2.5 million sq ft in the first phase of the project. “DLF Home Developers Limited (‘DHDL’), a wholly-owned subsidiary, has executed a securities subscription and shareholders’ agreement, pursuant to which its wholly- owned subsidiary — Pegeen Builders & Developers Private Limited would allot 9800 equity shares of face value of Rs 10 per share at par to Trident Buildtech Private Limited,” the company said in the regulatory filing.

Trident realty is already executing projects in Delhi-NCR and Panchkula. “Consequently, post allotment, DHDL will hold 51% equity share capital of Pegeen. Trident through its wholly-owned subsidiary- Sahyog Homes Limited is presently developing a Slum Rehabilitation Project in Andheri (W), Mumbai.

Pegeen has also agreed to enter a development agreement with SHL to develop the first phase of the project,” DLF has said. The company also declared results for the April-June quarter. DLF reported net profit of Rs 528 crore, an increase of 12% year on year during Q1 FY24 as residential business continue to deliver strong performance and clocked new sales bookings of Rs 2,040 crore.

“We remain optimistic about the demand for housing as the cycle continues to remain positive. We are gearing up for bringing new products into the markets during the fiscal. We believe that macro tailwinds along with the strong demand outlook augur well for our business,” the company said in a statement.