What DLF Cyber City Developers does

DLF Cyber City Developers Ltd (DCCDL) is the rental asset management arm of DLF Ltd, structured as a joint venture between DLF and Singapore's sovereign wealth fund GIC. The company operates a 44.3 million square feet commercial real estate portfolio across India's Tier-1 markets including Gurugram, Mumbai, Goa, and Kolkata, with 94% office occupancy and 97% retail occupancy. DCCDL generates revenue through an annuity-style rental model, leasing premium office and retail spaces directly to corporate and retail tenants, with Q3 FY26 total revenue of Rs 1,878 crore (up 17% YoY) and net profit of Rs 717 crore (up 40% YoY).

The company's core product lines are its commercial office portfolio (44.3M sq ft) and retail space portfolio (approximately 5M sq ft), with annuity assets such as DLF Summit Plaza in Gurugram adding to the recurring income base. DCCDL raises capital through private placement of non-convertible debentures listed on BSE, with Rs 2,100 crore raised across two issuances in November 2021 and September 2023. The business model leverages DLF's dominant Indian real estate brand and GIC's institutional capital backing to maintain near-full occupancy and compound rental income. Leadership includes CEO Sriram Khattar and founder Chaudhary Raghvendra Singh, with 101-250 employees supporting operations. Recent strategic activity includes a Rs 670 crore Kolkata IT park divestiture in February 2026 and entry into the senior living residential segment with a Gurugram project launching in 2026.

Name

DLF Cyber City Developers

Legal name

DLF Cyber City Developers Ltd

Website

https://dlfcybercity.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

DLF Cyber City Developers Ltd is a joint venture between DLF Ltd and Singapore's GIC that operates a 44.3 million square foot commercial real estate portfolio across India, leasing premium office and retail spaces to corporate and retail tenants through an annuity-style rental model.

Ownership category

akta.pro rank

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Rental Income - Office and Retail Spaces: DCCDL generates revenue primarily through rental income from its commercial real estate portfolio. The company reported an 18% increase in rental income to Rs 1,412 crore for Q3 FY26, driven by strong demand for premium office and retail spaces. The annuity-style rental model provides recurring revenue with 94% office occupancy and 97% retail occupancy.
2. Non-Convertible Debentures (NCD) Issuance: DCCDL raises capital through private placement of non-convertible debentures. The company successfully raised Rs 1,100 crore through NCDs at an 8.25% interest rate maturing in August 2033, listed on BSE. This follows a previous Rs 1,000 crore raise in November 2021 at 6.7% fixed coupon.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Core offering

DLF Cyber City Developers Ltd (DCCDL) is a commercial real estate rental and asset management company that owns and leases a 44.3 million square feet portfolio of premium office and retail spaces to corporate and retail tenants across India. The company operates as a joint venture between DLF Ltd and Singapore's GIC, generating recurring rental income with 94% office and 97% retail occupancy rates.

Product overview

DLF Cyber City Developers Ltd (DCCDL) operates as a joint venture between DLF and Singapore's GIC, managing a comprehensive commercial real estate portfolio. The company offers two core product lines: premium office spaces (44.3 million sq ft portfolio with 94% occupancy) and retail spaces (approximately 5 million sq ft with 97% occupancy). DCCDL also operates annuity assets including DLF Summit Plaza in Gurugram. The company raises capital through non-convertible debentures to support its rental asset management activities.

Differentiator

Problem solved

Functional benefit

Products and services

• DCCDL Commercial Office Portfolio

Quantifiable outcome

• 94% office occupancy rate
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Embassy Office Parks REIT: India's first listed office REIT, owning and leasing large-scale Grade-A office portfolios across Bangalore, Mumbai, Pune, and NCR. Direct peer to DCCDL given similar institutional commercial office leasing model and tenant base.
• Mindspace Business Parks REIT: Listed Indian office REIT with a portfolio of business parks across Mumbai, Hyderabad, Chennai, and Pune. Comparable to DCCDL in business model (institutional office leasing), tenant profile (large corporates and tech firms), and annuity income focus.
• Brookfield India Real Estate Trust: Indian office REIT sponsored by Brookfield, holding Grade-A office assets in key Indian markets. Closely comparable to DCCDL as a large institutional landlord of premium commercial real estate in India.
• Brigade Enterprises: Indian real estate developer with material commercial office and retail leasing operations alongside residential development. Comparable to DCCDL in office/retail leasing exposure and Indian market focus.
• Prestige Estates Projects: Diversified Indian real estate developer with significant commercial office and retail leasing portfolios (Prestige Tech Cloud, Forum malls). Comparable to DCCDL in mixed commercial real estate development and leasing model.
• Oberoi Realty: Mumbai-based premium real estate developer with substantial commercial office leasing (Commerz, Oberoi Business Center) and hospitality assets. Comparable to DCCDL in premium commercial leasing positioning within India's top metros.
• Phoenix Mills: Indian retail-led real estate company operating large shopping malls (High Street Phoenix, Phoenix MarketCity). Comparable to DCCDL's retail leasing business in scale, premium positioning, and annuity rental model.

Broad incumbents

• DLF Ltd: Parent company and India's largest real estate developer by market cap, with residential development alongside the DCCDL rental platform. Closely linked but distinct in scope (residential + commercial) compared with DCCDL's pure-play rental focus.
• Godrej Properties: Leading Indian residential-focused real estate developer with smaller but growing commercial portfolio. Comparable to DLF (parent) given similar market positioning in Indian real estate, though DCCDL is far more commercial-skewed.

Regional players

• Indiabulls Real Estate: Indian real estate developer with commercial office leasing exposure in NCR/Mumbai, though more residential-weighted than DCCDL. Comparable as another large-format Indian CRE operator but with weaker scale and tenant quality.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dlf-cyber-city-developers-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DLF Cyber City Developers