DLF's Ashok Tyagi says housing demand remains strong, maintains full-year sales guidance

Ashok Kumar Tyagi, Managing Director of real estate major DLF, said demand in the housing market remains strong for established developers, particularly in the National Capital Region (NCR). Despite strong sales in the first half of the fiscal year, he said the company will continue with its full-year sales guidance.

Tyagi said the market remains healthy for developers with strong credibility. “The underlying demand for the more credible developers and the more credible products is there,” he said, adding that he does not see signs of a slowdown. He acknowledged that some of the “fizz” may ease, but said the top set of developers will continue to see steady demand. He pointed to the resale activity in DLF’s key micro-markets, which he called a “very secular indicator,” noting it remains “very bullish and very strong.”



DLF has already crossed ₹15,000 crore in sales in the first half, more than 70% of its target, but is still maintaining its guidance of ₹20,000–₹22,000 crore for the full year. Tyagi said launches depend on regulatory approvals and cannot be rolled out in a fixed pattern. “This unfortunately, is not like an auto assembly line where every day you are launching something,” he said. He added that the company has a medium-term pipeline of nearly ₹60,000 crore in projects that may launch over the next two to three years.

Tyagi said rental income will rise meaningfully, with exit rentals expected to touch ₹6,000 crore in fiscal 2026 and ₹7,000 crore in fiscal 2027 across its assets, including the Cyber City joint venture. Occupancy levels remain in the mid-90s, and DLF is expanding its retail presence, including a new Mall of India in Gurugram.

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He also said the company has no plan to list the Cyber City portfolio through a Real Estate Investment Trust (REIT) for at least three years unless its partner GIC requests it.

DLF currently has ₹7,700 crore in cash, growing by over ₹1,000 crore every quarter. Much of this is locked in Real Estate Regulatory Authority (RERA) accounts and earning fixed-deposit returns. Tyagi said the cash should start getting released from early fiscal 2027–28 as projects complete, after which it can be used to increase shareholder returns and reinvest in growth.

On the broader property cycle, Tyagi said, “We are in the fourth year of the upcycle for sure.” He added that Grade A developers today are largely debt-free and “far better equipped to handle the downcycle as and when it comes.”

DLF, with a market capitalisation of ₹1,81,935.41 crore, has seen its shares fall more than 5% over the past year.

For the full interview, watch the accompanying video

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