DLF rental arm clocks 10 percent increase in rental income at Rs 3,350 cr in FY22

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DLF rental arm clocks 10 percent increase in rental income at Rs 3,350 cr in FY22

DLF rental arm DCCDL has grown 10 per cent in its rental income to Rs 3,350 crore in the last financial year, largely due to the recovery in business at its malls. DLF holds the majority of its rent-generating commercial properties in DLF Cyber ​​City Developers Ltd (DCCDL). DCCDL, a joint venture between DLF and GIC Singapore's sovereign wealth fund, has a 37.9 million square foot commercial portfolio, 34 million square feet of office space and the remainder for retail. DLF owns almost 67 percent of the shares in the JV company, while GIC holds the rest. According to an investor presentation, the rental income of DCCDL increased to Rs 3,350 crore in the last financial year from Rs 3,029 crore in 2020-21. Of the total rental income, office space rent increased by 5 per cent to Rs 2,889 crore in 2021-22 from Rs. 2,753 crore in the previous year. Rents from the retail real estate assets rose 67 per cent to Rs.4.61 crore in the last financial year from Rs.2.76 crore in 2020-21. Mall businesses have been hit hard during the first and second waves of the COVID-19 pandemic. Regarding office space, DLF said vacancies are gradually falling and rents are set with an "upward trend later in the year". "Resident attendance is steadily improving and should approach near pre-COVID levels over the next 1-2 quarters," the presentation said. " DCCDL continues to rent out buildings before receiving occupancy certificates. Regarding the retail real estate portfolio, DLF highlighted the sharp decline after the third wave of the pandemic. “Quick routes to pre-COVID levels; important for the further development/maintenance of experience shopping," says DLF. The company said it continues to maintain and strengthen strong relationships with its tenants. From a financial point of view, DCCDL reported a 3 per cent increase in sales to Rs.4,533 billion in the last financial year. Net profit rose 10 per cent to Rs 1,002 crore. DCCDL Net Debt was Rs 19,063 crore as at 31 March 2022. As for the redevelopment, DCCDL said it is building 7 million square feet of office space in Gurugram and Chennai, of which 1.7 million square feet is nearing completion. . In December 2017, DLF formed a joint venture with GIC after its promoters sold their combined 40 per cent stake in DCCDL for almost Rs 12,000 crore. This market included a 33.34 per cent interest in the sale of DCCDL to GIC for approximately Rs 9,000 crore and the repurchase of the remaining shares valued at approximately Rs 3,000 crore in DCCDL. DLF Ltd is India's leading real estate developer. It has developed more than 153 real estate projects and developed an area of ​​more than 330 million square feet. DLF has a land bank to further develop 215 million square feet of land. Also Read - 10 Pop Ceiling Designs for Living Room Trending in 2022  

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