DLF Cyber City Developers Rating Upgraded to CRISIL AAA (Stable) From CRISIL AA+ (Stable)

Gurugram, March 27, 2025: DCCDL, the rental arm of DLF Limited, one of India’s largest real estate developers, has announced that CRISIL Ratings has upgraded its rating to CRISIL AAA (Stable) from CRISIL AA+ (stable).

In its rating rationale, CRISIL stated, that the upgrade reflects expectation of sustenance of the strong business risk profile, backed by high occupancy levels and scale of the operational portfolio (40.4 million square feet [msf]), along with structural year-on-year improvement in the financial risk profile which is expected to continue over the medium term.

Vice Chairman & Managing Director of DCCDL Sriram Khattar said, “This milestone reflects our commitment to maintaining the highest standards of corporate governance and financial discipline whilst ensuring that our assets meet global benchmarks suitable for our tenant partners. It also strengthens our resolve to meet, if not exceed, our commitments to governance and financial prudence, along with delivering the highest quality of sustainable buildings and services.”

DCCDL operates one of the largest commercial real estate portfolios in the country. Its office portfolio comprises of approx. 36 million square feet with occupancy of 93 per cent, spread across Gurugram, Chennai, Hyderabad and Chandigarh. It also operates a retail portfolio of approx. 4.3 msf which has 95 per cent occupancy spread across NCR, Chennai and Chandigarh. It is adding another ~12 msf of office space and ~2 msf of retail space in the near term.