DLF-GIC joint venture DCCDL reports 11% rise in office rent to ₹3,874 cr

DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and GIC, has clocked 11 per cent growth in office rental income to Rs 3,874 crore during the last financial year on better demand for workspaces and rent escalation.

The rental income from office space stood at Rs 3,497 crore in the preceding year.

DLF holds nearly 67 per cent stake in the JV firm DCCDL while Singapore's sovereign wealth fund GIC has the remaining equity shareholding.

According to an investors' presentation of DLF, the DCCDL's rental income from retail real estate properties grew 6 per cent to Rs 880 crore last fiscal year from Rs 828 crore in the 2023-24 financial year.

DCCDL has an operational rental portfolio of 43 million sq ft, of which 39 million sq ft area is office space and 4 million sq ft retail real estate. Another 12 million sqft area is under construction. These commercial assets are primarily located in Gurugram, Noida, Chennai, and Hyderabad.

DLF holds bulk of its rent-yielding rental assets under this JV firm.

On the financial performance, DCCDL's consolidated net profit rose 46 per cent to Rs 2,461 crore last fiscal year from Rs 1,690 crore in the 2023-24 financial year. The profit after tax includes Rs 431 crore of exceptional gains from the sale of IT Park in Kolkata.

Total revenue increased 9 per cent to Rs 6,448 crore in 2024-25 from Rs 5,898 crore in the preceding year.

"We expect sustained demand momentum across our annuity business and hence continue to judiciously invest towards growing our portfolio across geographies. Rental income is expected to further grow with rent commencement of recently completed office block at DLF Downtown, Gurugram admeasuring approximately 2 million sq ft," DLF (rental business) Vice Chairman and Managing Director Sriram Khattar said.

DLF Group is the country's largest real estate developer in terms of market capitalisation.