|Traded as||BSE: 532868, NSE: DLF
BSE SENSEX Constituent
|Founder||Chaudhary Raghvendra Singh|
|Headquarters||New Delhi, India|
|Kushal Pal Singh (Chairman)|
|Revenue||$1.87 billion (2012)|
|$220 million (2012)|
Number of employees
DLF Limited (Delhi Land & Finance)) is one of the largest commercial real estate developers in India. It was founded by Chaudhary Raghvendra Singh in 1946 and is New Delhi, India based . DLF developed residential colonies in Delhi such as Shivaji Park (their first development), Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties.
With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi and banned private real estate developers. As a result, DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, in the district of Gurgaon, in the adjacent state of Haryana. In the mid-1970s, the company started developing their DLF City project at Gurgaon. Its plans include hotels, infrastructure and special economic zones-related development projects.
The company is headed by Kushal Pal Singh. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2009, was the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion IPO in July, 2007 was India's biggest IPO in history. 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.
In August 2011 a penalty of Rs 6.3 billion was imposed on DLF by the Competition Commission of India (CCI) 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. DLF has paid part of the penalty, and the matter is currently in the Supreme Court of India. In February 2015, the CCI ordered its investigative arm to probe two more projects of DLF in Gurgaon, namely, DLF Regal Gardens and DLF Skycourt.
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.
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 some in the 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.
As a result, DLF decided to move beyond Delhi and zeroed in on the suburb of Gurgaon in Haryana, . 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.
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.
58 crore deal was cancelled between DLF and Robert vadra by IAS officer Ashok Khemka
|This section does not cite any references (sources). (January 2015)|
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.
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$30 million) for the 5-year sponsorship deal. The deal ended in the 2012 version of the season; wherein it was taken over by PepsiCo Inc.
Haryana Urban Development Authority (HUDA) and DLF, in 50: 50 cost sharing, has commenced the work for 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 will substantially improve traffic management in the city. To create this infrastructure facility, DLF has engaged Parsons Brinckerhoff for project management consultancy and construction work has been awarded to IL&FS. The first phase of the expressway was recently inaugurated by Hon’ble Chief Minister of Haryana, Shri Manohar Lal.
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