DLF to enter Mumbai market

Real estate firm to invest Rs 2,000 cr in 6 cities

New Delhi-based DLF is set to make a big splash in the Mumbai real estate sector.

The company will bid for two plots of land of the National Textile Corporation (NTC), and Apollo Mill properties, which will go under the hammer on June 20.

The two NTC properties, especially the New Mumbai Textile (NMTM) mills, are 80,000 square metres (16 acres) in area, at Lower Parel in central Mumbai.

Property consultants valued the New Mumbai Textile property at around Rs 150 crore. DLK spokesman Vijay Vancheshwar said the company was keen to enter the Mumbai market. "We are exploring the option of entering the Mumbai market for commercial, retail and residential development."

Asked whether the company was planning to bid for NTC mill land in Lower Parel, Vancheshwar said, "We are keen to explore that as a way of getting into the Mumbai market."

He declined to disclose the amount of the bid. The bids close on June 20 and the papers will be opened the same day.

Traditionally, DLF has been investing its resources 3:2 in commercial and retail development, and will stick to it in Mumbai. "We are looking at an integrated development of the kind that we have been doing in the Delhi market," Vancheshwar said.

The DLF group, largely Delhi- and Gurgaon-based, is putting up around 9 million square feet of information and software parks in six other cities, with an investment of Rs 2,000 crore in land acquisition and construction.

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Realty trends

• The company will bid for two plots of land of the National Textile Corporation and Apollo Mill properties, which will go under the hammer on June 20
• DLF, which has been investing its resources 3:2 in commercial and retail development, will stick to it in Mumbai
• The firm is putting up around 9 million square feet of information and software parks in six other cities