India’s commercial real estate market continues to demonstrate remarkable resilience and growth, even amid global economic uncertainties. One of the strongest indicators of this momentum is the latest financial performance of DLF Cyber City Developers Ltd (DCCDL), a joint venture between realty major DLF Ltd and Singapore’s sovereign wealth fund GIC.
According to DLF’s latest investor presentation, DCCDL’s rental income surged 18 per cent year-on-year to ₹1,412 crore during the December quarter (Q3 FY26), compared to ₹1,193 crore in the same period last year. The growth was primarily driven by sustained demand for premium office spaces and retail assets across key urban markets.
Strong JV Backed by Global Capital
DLF holds nearly 67 per cent stake in DCCDL, while GIC owns the remaining equity, making it one of the most prominent public-private real estate partnerships in India. Over the years, DCCDL has emerged as a cornerstone of DLF’s annuity business, housing a large portion of its rent-yielding commercial assets.
As of now, DCCDL manages an operational portfolio of 44.3 million square feet, comprising high-quality office and retail properties. Out of this, nearly 4 million square feet is retail space, while the remaining area consists of premium office assets, mainly located in top business districts.
Profitability and Revenue Growth Remain Robust
DCCDL’s financial performance extended beyond rental income growth. During the third quarter of the current fiscal year, the company’s net profit before exceptional items rose 40 per cent to ₹717 crore, up from ₹514 crore in the year-ago period.
At the same time, total revenue increased 17 per cent to ₹1,878 crore, compared to ₹1,605 crore in the corresponding quarter last year. This performance highlights the strength of India’s commercial leasing market, particularly in Grade-A office and organized retail segments.
However, the company continues to carry a sizeable debt burden. DCCDL’s net debt stood at ₹16,976 crore at the end of the December quarter, reflecting ongoing capital investment in asset expansion and construction.
DLF Group’s Expanding Annuity Portfolio
DLF Ltd, India’s largest real estate company by market capitalisation, has strategically shifted focus toward expanding its annuity business, which provides stable and recurring rental income.
Apart from the assets housed under DCCDL, DLF independently owns nearly 5 million square feet of office and retail space. This takes the total commercial portfolio of the DLF Group to 49.1 million square feet.
Occupancy levels across the group’s portfolio remain exceptionally strong:
- Office spaces: 94% occupancy
- Retail spaces: 97% occupancy
Such high occupancy rates underline strong tenant demand and the premium nature of DLF’s commercial assets.
Massive Pipeline Under Construction
Looking ahead, DLF Group is aggressively expanding its commercial footprint. The group is currently constructing 27 million square feet of commercial space, of which:
- 15 million sq ft is being developed directly by DLF Ltd
- 12 million sq ft is under DCCDL
This pipeline positions the company well to benefit from future demand growth in office and retail leasing.
In a recent statement, DLF reaffirmed its long-term strategy, saying:
“We remain steadfast towards further building up our annuity portfolio. Our operational portfolio of 49 million square feet, coupled with our under-construction assets and strong future pipeline, will support consistent growth in our annuity business.”
Office & Retail Demand Remains Strong in 2025
Industry experts believe that 2025 has been a landmark year for India’s commercial real estate sector, especially for office and retail spaces. One of the key demand drivers has been the rapid expansion of Global Capability Centers (GCCs) by multinational corporations, which continue to choose India for cost efficiency and skilled talent.
According to real estate consultancy CBRE, gross office leasing across nine major Indian cities reached a record 82.6 million square feet in 2025, supported by strong demand from both domestic and international companies.
On the retail side, Cushman & Wakefield reported that leasing activity in shopping malls and high-street locations across eight major cities rose 15 per cent to nearly 9 million square feet, driven by increased supply and strong retailer expansion.
DLF’s Long-Term Growth Outlook
DLF Group operates across two major verticals:
- Development Business – residential property development and sales
- Annuity Business – leasing of commercial and retail assets
So far, DLF has developed over 185 real estate projects covering more than 352 million square feet. Currently, the company holds development potential of nearly 280 million square feet across residential and commercial segments.
With rising demand for premium office spaces, strong retail consumption, and a robust construction pipeline, DLF and DCCDL remain well-positioned to deliver sustainable long-term growth.
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