New Delhi
Enthused by strong recovery in retail consumption, realty major DLF Chairman Rajiv Singh has said the company has initiated the development of new shopping malls and looks to double retail portfolio in next five years.
At present, DLF has a retail footprint of 42 lakh square feet comprising eight properties, including malls and shopping centres, mainly across Delhi-NCR.
In a message to the company’s shareholders’, he said the company would also scale up development of housing and office projects.
Singh mentioned that the past couple of years have been one of the most challenging and uncertain times experienced across the globe because of the outbreak of the pandemic.
Despite the hardships faced in the recent past, your company exhibited strong resilience during this challenging phase and has come out even stronger, delivering a strong performance across all key parameters during the fiscal, he told shareholders in an annual report for 2021-22.
Singh informed that DLF’s rental business withstood this challenging phase and is now steadily recovering to normalcy.
We continue to maintain a positive outlook towards the rental business and consequently are judicially deploying capital to further strengthen and grow the office portfolio by developing safe and sustainable workplaces across geographies including Gurugram, Chennai and Noida, he said.
Given the recovery across the retail segment and consumption trends in India, Singh said the company has also initiated development of the next line of retail destinations across multiple geographies.
We hope to double our retail presence in the next 4-5 years with these additions, he said.
