DLF has received approval from the National Company Law Tribunal (NCLT) Chandigarh Bench for its scheme of amalgamation involving 16 wholly-owned subsidiaries. The approval, granted through an order dated January 14, 2026, represents a significant step in the real estate major's ongoing corporate restructuring efforts.

NCLT Approval Framework

The merger has been approved under Sections 230-232 and other applicable provisions of the Companies Act, 2013, along with relevant rules. The company stated that upon filing the certified copy of the order with the Registrar of Companies, NCT of Delhi & Haryana, the transferor companies will stand dissolved without winding up and cease to be subsidiaries of DLF Limited.

Ongoing Consolidation Strategy

This latest approval is part of DLF's broader subsidiary consolidation initiative spanning several years. In January 2025, the company merged seven wholly-owned subsidiaries with DLF Southern Towns Private Limited. This was followed by the amalgamation of DLF City Centre Limited, DLF Lands India Private Limited, DLF Info City Developers (Kolkata) Limited, and DLF Emporio Limited.

Additionally, the company completed the demerger and vesting of three SEZ undertakings located in Silokhera, Hyderabad, and Chennai from DLF Assets Limited into DLF Cyber City Developers Limited.

Strategic Business Focus

DLF has undertaken similar restructuring initiatives in 2024, 2023, and 2022 as it focuses on three core segments: residential luxury housing, commercial office leasing and malls, and rental office parks through DLF Cyber City. The consolidation strategy aims to reduce redundant entities, lower operational costs, improve synergies, and strengthen financial flexibility for expansion.

Market Performance

Shares of DLF closed 0.37% lower at ₹650.00 on the NSE. The stock performance shows mixed trends with a 5.70% decline year-to-date, though it has delivered substantial gains of 132.60% over the past five years.

The company noted that disclosures required under Schedule III of the SEBI Listing Regulations, read with the SEBI Circular dated November 11, 2024, had already been submitted via its October 25, 2024 intimation.

Nomura Securities has released a concerning forecast for DLF , projecting a dramatic 92% year-on-year decline in the real estate major's pre-sales for the third quarter. This substantial drop represents one of the most significant declines anticipated for the company's sales performance.

Nomura's Pre-Sales Projection

The brokerage firm's analysis indicates challenging market conditions ahead for DLF, with pre-sales expected to contract severely compared to the corresponding quarter in the previous year. This forecast suggests a marked deterioration in the company's sales momentum and potential headwinds in the real estate sector.

Market Implications

The projected decline in pre-sales could have significant implications for DLF's quarterly revenue and overall financial performance. Pre-sales figures are crucial indicators of future revenue recognition in the real estate sector, as they represent committed sales that will translate into actual revenue over time.

This forecast by Nomura highlights the potential challenges facing the real estate industry and specifically impacts expectations for DLF's third-quarter results. The severity of the projected decline suggests underlying market conditions that may be affecting buyer sentiment and property demand.

Sector Context

The real estate sector's performance is closely watched by investors and analysts, as it reflects broader economic conditions and consumer confidence. Such a significant projected decline in pre-sales indicates potential market pressures that could affect not only DLF but the broader real estate industry.