DLF (company)

Delhi Land & Finance (DLF Limited) is a commercial real estate developer. It was founded by Chaudhary Raghvendra Singh in 1946 and is based in New Delhi, India.[3][4] DLF developed residential colonies in Delhi such as Shivaji Park, Model Town, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties.[5][6]

DLF Limited
TypePublic
ISININE271C01023
IndustryReal estate
Founded4 July 1946
FounderCh. Raghvendra Singh
HeadquartersDLF Gateway Tower, DLF City, Phase - 3, Gurugram, Haryana, India
Key people
Kushal Pal Singh
(retd. Chairman)
Rajiv Singh
(Chairman)
Rajeev Talwar
(Co-CEO)
Mohit Gujral
(Co-CEO)
ProductsOffices
Apartments
Shopping malls
Hotels
Golf courses
Infrastructure
Revenue ₹6,888.14 crore (US$970 million) [1] (2020)
₹653.47 crore (US$92 million) [1] (2020)
₹−583.19 crore (US$−82 million) [1] (2020)
Total assets ₹57,229.78 crore (US$8.0 billion) [2] (2020)
Total equity ₹34,446.74 crore (US$4.8 billion) [2] (2020)
Number of employees
1,608 (excluding hotel business)
(March 2019)
Websitewww.dlf.in

With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi and banned private real estate developers. As a result, DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, in the district of Gurgaon, in the adjacent state of Haryana. In the mid-1970s, the company started developing their DLF City project at Gurgaon. Its plans included hotels, infrastructure and special economic zones-related development projects.

DLF IT Tech Park (IBM Kolkata)

The company is headed by Kushal Pal Singh. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2020, is the 494th richest man in the world with a net worth of US$3.6 billion.[7] The company's US$2 billion IPO in July 2007 was India's biggest IPO in history.[8] In its first quarter results for the period ending 30 June 2007, the company reported a turnover of ₹31.2098 billion (US$440 million) and profit after taxes of ₹15.1548 billion (US$210 million).[9]

As of 31 March 2012, the company had 1,380 square feet of leased retail space across the country.[10] In 2013–14, it leased out 3 million sq ft of office space in India.[11][12]

In August 2011 a penalty of ₹6.3 billion (US$88 million) was imposed on DLF by the Competition Commission of India (CCI)[13] after finding DLF guilty of breaching laws regarding the unfair pricing of goods and services. The complaint was lodged against DLF by buyers in its residential projects Belaire & Park Place, located in Gurgaon.[14] In February 2015, the CCI ordered its investigative arm to probe two more projects of DLF in Gurgaon, namely, DLF Regal Gardens[15] and DLF Skycourt.[16][17]

History

DLF's first residential project was Krishna Nagar in East Delhi, which was completed in 1949. Subsequently, the company developed 21 colonies in Delhi, including Model Town, Rajouri Garden, Punjabi Bagh, South Extension, Greater Kailash, Kailash Colony and Hauz Khas. The passage of Delhi Development Act in 1957 was the first serious challenge to company's growth. The Act meant that the government would assume control of all real estate development activities in the city.[18]

As a result, DLF decided to move beyond Delhi and focused on the suburb of Gurgaon in Haryana.[19] which had the potential for development of residential and commercial properties. As DLF started to acquire land under the leadership of Chairman K.P. Singh, Gurgaon embarked on a period of rapid growth.[20]

The land purchase program adopted a humane approach so that the sellers do not feel short-changed. To this effect, DLF partnered with farmers so that they also got a share in profits. DLF acquired and created a land bank and then sold plots to buyers after demarcation. The profits from the sales were subsequently shared with farmers, which encouraged more farmers to come forward and partner with DLF.[21]

A 58 crore deal was cancelled between DLF and Robert Vadra by IAS officer Ashok Khemka.[22]

Sponsorship
DLF IBM Kolkata (Tech Park)

In 2008, DLF became the title sponsor of the Indian Premier League, a newly formed Twenty20 cricket league. DLF paid close to ₹2 billion (US$28 million) for the 5-year sponsorship deal.[23] The deal ended in the 2012 version of the season; wherein it was taken over by PepsiCo Inc.

Beyond buildings

Haryana Urban Development Authority (HUDA) and DLF, in a 50: 50 joint venture, have completed work on a 16- lane, 10.5 km road network in Gurgaon. This stretch from NH8 Toll Plaza to Sector 55/56 in Gurgaon with six underpasses, one flyover and freeways has improved traffic management in the city.[24] To create this infrastructure facility, DLF had engaged Parsons Brinckerhoff for project management consultancy and construction work had been awarded to IL&FS.[25]

References
  1. "DLF Consolidated Profit & Loss account, DLF Financial Statement & Accounts". www.moneycontrol.com. Retrieved 24 July 2020.
  2. "DLF Consolidated Balance Sheet, DLF Financial Statement & Accounts". www.moneycontrol.com. Retrieved 24 July 2020.
  3. "DLF: Leading Real Estate Company in India". www.dlf.in. Archived from the original on 7 May 2014. Retrieved 8 April 2014.
  4. "DLF Ltd" (PDF). Archived from the original (PDF) on 1 November 2010. Retrieved 17 July 2010.
  5. Sekar, Sunitha (21 March 2013). "DLF residents list litany of broken promises". The Hindu. Chennai, India.
  6. Reddem, Appaji (25 January 2014). "DLF demand may put State in a fix". The Hindu. Chennai, India.
  7. "Kushal Pal Singh". Forbes. Retrieved 24 July 2020.
  8. IndianExpress.com :: Is India’s largest IPO going to change the Sensex stakes?.
  9. "DLF seeks land allotted to Gaming City in Hyderabad". thehindubusinessline.com.
  10. "DLF Ltd (DLF.NS)". Reuters. Retrieved 23 March 2013.
  11. "DLF leased 3 million sq ft office space in 2013-14". IANS. news.biharprabha.com. Retrieved 24 April 2014.
  12. "StanChart GBS leases 7.7 lakh sq-ft at DLF's Chennai project for office campus". The Financial Express. 22 October 2020. Retrieved 25 October 2020.
  13. "DLF hit with 6.3 billion rupees anti-competition fine". Reuters. 16 August 2011. Retrieved 23 January 2015.
  14. "Main Order: Informants Belaire Owners Association vs DLF & Ors" (PDF). Competition Commission of India. Archived from the original (PDF) on 24 February 2015. Retrieved 23 January 2015.
  15. "DLF Regal Gardens".
  16. "DLF Skycourt".
  17. "CCI orders fresh probe against DLF". The Hindu. Retrieved 15 February 2015.
  18. .
  19. "DLF's KP Singh: Meet the man who built Gurgaon out of nothingness". The Times Of India. 15 October 2014.
  20. ()
  21. "The trials and triumphs of K.P. Singh". India Today.
  22. "58-crore deal between DLF and Robert Vadra cancelled by IAS officer Ashok Khemka". ndtv.com.
  23. "#98 Kushal Pal Singh - The World's Billionaires 2009". Forbes.com. 13 February 2009. Retrieved 21 January 2010.
  24. "Haryana CM inaugurates DLF-HUDA flyover". Press Trust of India. 11 April 2015 – via Business Standard.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.