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DLF’s joint venture with Singapore sovereign wealth fund GIC, DLF Cyber City Developers Ltd (DCCDL), recorded a 16 per cent year-on-year increase in rental income to INR 5,525 crore in FY26, supported by sustained demand for premium office and retail assets across key markets including Gurugram and Chennai. Office rental income rose 17 per cent to INR 4,550 crore, while retail rental earnings increased 11 per cent to INR 975 crore. DCCDL currently operates a commercial portfolio spanning 44.3 million sq ft, largely comprising office properties. The company also reported growth in revenue, EBITDA and profit during the fiscal year. DLF said upcoming office and retail completions are expected to further strengthen its annuity portfolio amid continued expansion by global occupiers and Global Capability Centres (GCCs).
Realty major DLF Ltd and its joint venture with Singapore’s sovereign wealth fund GIC, DLF Cyber City Developers Ltd, reported a 16 per cent rise in rental income from office and retail properties to INR 5,525 crore during FY26, driven by continued demand for premium commercial assets in markets such as Gurugram and Chennai. Advertisement
According to the company’s latest investor presentation released in the past week, rental income from office assets increased to INR 4,550 crore in FY26 from INR 3,874 crore in the previous fiscal, reflecting a 17 per cent annual growth. Revenue from retail leasing rose 11 per cent year-on-year to INR 975 crore from INR 880 crore.
DLF has transferred nearly 90 per cent of its rent-yielding commercial portfolio, including office and retail assets, into DCCDL. The listed developer holds close to 67 per cent stake in the joint venture, while GIC owns the remaining equity shareholding.
DCCDL currently operates a portfolio of 44.3 million sq ft comprising office and retail developments. Of the total operational area, around 4 million sq ft is retail space, while the remaining portfolio consists of office properties.
Commenting on the performance of the annuity business, Sriram Khattar, Vice Chairman and Managing Director (Rental Business) at DLF, stated that DCCDL had delivered strong operational and financial performance during FY26, supported by resilient demand for its high-quality rental portfolio and disciplined execution across both office and retail segments.
He added that the company’s commercial assets continued to witness healthy leasing momentum, resulting in high occupancy levels and strong cash generation across the portfolio.
For FY26, DCCDL reported consolidated revenue of INR 7,393 crore and EBITDA of INR 5,718 crore. Net profit increased 38 per cent year-on-year to INR 2,726 crore during the fiscal.
Khattar stated that the performance validated the strength of the company’s operating model and the quality of its commercial asset base. He further noted that India’s commercial real estate sector continued to demonstrate structural resilience despite broader macroeconomic conditions.
Apart from the assets housed under DCCDL, DLF independently owns around 5.1 million sq ft of commercial space, taking the group’s overall operational portfolio to nearly 50 million sq ft.
The company said it remains positioned to benefit from sustained demand from multinational occupiers and the rapid expansion of Global Capability Centres across India. Khattar noted that DLF’s commercial platform, combined with its development pipeline and disciplined capital allocation strategy, would support future growth in the annuity business.
DLF also indicated that upcoming completions, including the ‘Atrium Place’ office complex in Gurugram and three shopping malls under development, are expected to further strengthen recurring rental income in the coming fiscal year.
The developer has delivered more than 185 real estate projects spanning over 352 million sq ft. DLF currently holds a development potential of around 280 million sq ft across residential and commercial segments, including projects under execution.
Source - PTI
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