NEW DELHI: Real estate giant DLF and Singapore's sovereign wealth fund GIC have witnessed robust performance from their joint venture, DLF Cyber City Developers Ltd (DCCDL), in the December quarter of the fiscal year 2025. The company's rental income surged by 18 per cent to Rs 1,412 crore, up from Rs 1,193 crore in the same period last year, reflecting strong market demand for premium office and retail spaces.
Financial Performance Highlights
DCCDL's financial results for the third quarter show significant growth across key metrics. Net profit before exceptional items jumped 40 per cent to Rs 717 crore, compared to Rs 514 crore in the year-ago period. Total revenue also increased by 17 per cent, reaching Rs 1,878 crore from Rs 1,605 crore previously. At the end of the December quarter, the company's net debt stood at Rs 16,976 crore.
Portfolio and Operational Details
DLF holds approximately 67 per cent stake in DCCDL, with GIC owning the remaining equity. Currently, DCCDL operates a portfolio spanning 44.3 million square feet, primarily consisting of prime office and retail spaces. This includes around 4 million square feet dedicated to retail and the remainder for office use.
In addition to the DCCDL assets, DLF independently manages nearly 5 million square feet of office and retail spaces. This brings the overall group portfolio to 49.1 million square feet. The occupancy rates are impressive, with office spaces at 94 per cent and retail spaces at 97 per cent.
Expansion and Future Pipeline
The DLF Group is actively expanding its commercial footprint, with 27 million square feet under construction. Of this, DLF Ltd is directly developing 15 million square feet, while DCCDL is handling 12 million square feet. Looking ahead, DLF has a development potential of 280 million square feet across residential and commercial segments.
In a recent statement, DLF emphasized its commitment to growing its annuity portfolio. "We remain steadfast towards further building up our annuity portfolio. Our operational portfolio of 49 million square feet coupled with our under-construction portfolio and a strong identified future pipeline should help us deliver a strong and consistent growth in our annuity business," the company stated.
Industry Context and Demand Drivers
Industry experts note that demand for office and retail spaces remained strong throughout the 2025 calendar year, despite global economic uncertainties. A key factor driving this demand is the rise of Global Capability Centers (GCCs), which have become major consumers of premium workspace.
Supporting this trend, real estate consultant CBRE reported that gross leasing of office spaces reached a record 82.6 million square feet last year across nine major Indian cities, fueled by demand from both domestic and international companies. Similarly, data from Cushman & Wakefield indicated a 15 per cent increase in retail space leasing to nearly 9 million square feet in India's top eight cities, driven by high retailer demand and increased supply.
DLF Group's Broader Business
DLF Group operates in two main segments: developing and selling residential properties (the Development Business) and developing and leasing commercial and retail properties (the Annuity Business). To date, the group has completed over 185 real estate projects, totaling more than 352 million square feet.
With DCCDL serving as a cornerstone for its commercial assets, DLF continues to leverage its market leadership to capitalize on India's growing real estate sector, positioning itself for sustained growth in the coming years.
