DLF (company)

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DLF Limited
Public company
Traded as BSE532868, NSEDLF
BSE SENSEX Constituent
Industry Real estate
Founded 1946
Founder Chaudhary Raghvendra Singh
Headquarters New Delhi, India
Key people
Kushal Pal Singh (Chairman)
Products Offices
Apartments
Shopping Malls
Hotels
Golf courses
infrastructure
Revenue Increase $1.87 billion (2012)
Decrease $220 million (2012)
Number of employees
7,542
Website www.dlf.in

DLF Limited (Delhi Land & Finance)[1] (BSE532868, NSEDLF) is one of the largest commercial real estate developers in India.[2] It was founded by Chaudhary Raghvendra Singh[3] in 1946 and is New Delhi, India based .[4] DLF developed residential colonies in Delhi such as Shivaji Park (their first development), Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties.[5][6]

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 include hotels, infrastructure and special economic zones-related development projects.[7]

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 2009, was the 98th richest man in the world and the world's richest property developer. 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 Rs. 3,120.98 Crore and profits after taxes of Rs. 1,515.48 Crore.[9]

As of March 31, 2012, the Company had a 1.38 thousand 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]

In August 2011 a penalty of Rs 6.3 billion was imposed on DLF by the Competition Commission of India (CCI) [12] 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.[13] DLF has paid part of the penalty, and the matter is currently in the Supreme Court of India.[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]

Income[edit]

DLF has about 25 million sq ft of leased office space spread across Gurgaon, Hyderabad, Kolkata, Chandigarh and Chennai, which generates a rental of about Rs 1,950 crore every year and supports Rs 19,000 crore of the company's debt.[18]

History[edit]

In the early 1940 to 1950s, Chaudhary Raghvendra Singh and Makhan Lal Jain Gandharwal of Rohtak, Haryana who was Managing Director Of Delhi Land and Finance Housing and Construction Private Ltd at that time, procured real estate around Delhi. The wealth generated was multiplied over the decades through investments like Punjabi Bagh, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash 1 & 2, Kailash Colony, Hauz Khas, and Panchsheel. In the 1970s and 1980s, DLF purchased 3,000 acres (1,214 ha) of land from farmers in Gurgaon for $2000 per acre.[19]

At that time, the Haryana government did not allow private companies to develop the land. Years later, when Rajiv Gandhi became Prime Minister, he ensured that the Haryana Government changed the local law and allowed private companies to develop land. Gurgaon underwent a private real estate boom which is continuing to this day.[20] The boom includes world-class office buildings, apartments, golf courses, shopping malls, 5-star hotels and a private expressway linking Gurgaon to Delhi Airport.

In 1985, DLF started developing the 3,000 acres (12 km2) it had acquired from farmers.[4] In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon.[4]

Joint ventures[edit]

Laing O'Rourke is a UK-based construction company that built Dubai International Airport and London's Millennium Tower. It will construct all DLF's landmark projects. Nakheel of Dubai are partnering with DLF for developing townships in India. WSP Group Plc is also partnering DLF, providing management and consultancy to the built and natural environment. Feedback Ventures is providing consultancy for faster project execution. DLF has also teamed up with Hilton Hotels to jointly develop hotels in India.

Sponsorship[edit]

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 200 crore (US$32 million) for the 5-year sponsorship deal.[21] The deal ended in the 2012 version of the season; wherein it was taken over by PepsiCo Inc.

References[edit]

  1. ^ http://www.bloomberg.com/news/articles/2012-12-20/aman-exit-heralds-delhi-property-focus-at-dlf-corporate-india
  2. ^ Kapil Sheeba. Financial Management. Pearson Education India. p. 46. ISBN 978-81-317-3165-9. 
  3. ^ Chaudhary Raghvendra Singh - Life Journey
  4. ^ a b c "DLF Ltd." (PDF). Retrieved 2010-07-17. 
  5. ^ DLF residents list litany of broken promises - The Hindu
  6. ^ DLF demand may put State in a fix - The Hindu
  7. ^ [1][dead link]
  8. ^ IndianExpress.com :: Is India’s largest IPO going to change the Sensex stakes?.
  9. ^ DLF seeks land allotted to Gaming City in Hyderabad | Business Line
  10. ^ "DLF Ltd (DLF.NS)". Reuters. Retrieved 2013-03-23. 
  11. ^ "DLF leased 3 million sq ft office space in 2013-14". IANS. news.biharprabha.com. Retrieved 24 April 2014. 
  12. ^ "DLF hit with 6.3 billion rupees anti-competition fine". Reuters. Retrieved 23 January 2015. 
  13. ^ "Main Order: Informants Belaire Owners Association vs DLF & Ors" (PDF). Competition Commission of India. Retrieved 23 January 2015. 
  14. ^ "SC to hear DLF appeal over Rs.630 crore penalty in February". Business Standard. 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. ^ http://articles.economictimes.indiatimes.com/2014-07-22/news/51882292_1_cmbs-aman-resorts-land-parcel
  19. ^ "Print Article - Amazing story of India's richest realty man". Rediff.com. 2006-04-08. Retrieved 2010-01-21. 
  20. ^ "The Telegraph - Calcutta : 7days". Calcutta, India: Telegraphindia.com. 2007-11-25. Retrieved 2010-01-21. 
  21. ^ "#98 Kushal Pal Singh - The World's Billionaires 2009". Forbes.com. 2009-02-13. Retrieved 2010-01-21.