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DLF (company)

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DLF Limited
Company typePublic
ISININE271C01023
IndustryReal estate
Founded4 July 1946
FounderCh. Raghvendra Singh
HeadquartersDLF Gateway Tower, Phase 2, Gurugram, Haryana, India
Key people
Kushal Pal Singh
(retd. Chairman)
Rajiv Singh
(Chairman)
ProductsOffices
Apartments
Shopping malls
Hotels
Golf courses
Infrastructure
RevenueIncrease ₹6,958 crore (US$830 million)[1] (2024)
Increase ₹2,724 crore (US$330 million) (2024)
Total assetsIncrease ₹60,262 crore (US$7.2 billion) (2024)
Number of employees
1,608 (excluding hotel business)
(March 2019)
Websitewww.dlf.in

DLF Limited (formerly Delhi Land & Finance) is an Indian commercial real estate development company. It was founded by Chaudhary Raghvendra Singh in 1946, and it is based in New Delhi, India.[2][3] DLF has developed residential colonies in Delhi such as Model Town, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties.[4][5]

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

The company is headed by Rajiv Singh, who is the current chairman of the DLF Group. According to the Forbes listing of richest billionaires in 2023, Kushal Pal Singh, Chairman Emeritus, is the 19th richest man in India with a net worth of US$8.8 billion. The company's $US$2 billion IPO in July 2007 was India's biggest IPO in history.[6] In its first quarter results for the period ending 30 June 2007, the company reported a turnover of ₹31.2098 billion (US$370 million) and profit after taxes of ₹15.1548 billion (US$180 million).[7]

As of 31 March 2012, the company had 1,380 square feet of leased retail space across the country.[8] In 2013-14, it leased out 3 million sq ft of office space in India.[9][10]

History

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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.[11]

As a result, DLF decided to move beyond Delhi and focused on the suburb of Gurgaon in Haryana,[12] 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.[13]

A ₹58 crore deal was cancelled between DLF and Robert Vadra by IAS officer Ashok Khemka.[14]

Sponsorship

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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$24 million) for the five-year sponsorship deal.[15] The deal ended in the 2012 version of the season, wherein it was taken over by Pepsi.

Beyond buildings

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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.[16] To create this infrastructure facility, DLF had engaged Parsons Brinckerhoff for project management consultancy and construction work had been awarded to IL&FS.[17]

Controversies

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In August 2011, a penalty of ₹6.3 billion (US$75 million) was imposed on DLF by the Competition Commission of India (CCI)[18] 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.[19] In February 2015, the CCI ordered its investigative arm to probe two more projects of DLF in Gurgaon, namely, DLF Regal Gardens[20] and DLF Skycourt.[21][22]

DLF land grab case pertains to the alleged illegal acquisition of 50 acres of land in Amipur village, Haryana, back in 2013, during Bhupinder Singh Hooda's tenure as Chief Minister under the Congress government. This matter has led to an investigation by the Central Bureau of Investigation involving Robert Vadra, Bhupinder Singh Hooda, and the DLF, as of around December 2017.[23]

Constructed buildings

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DLF Cybercity IT SEZ at Chennai
  • DLF IBM Kolkata (Tech Park)
    DLF IBM Kolkata (Tech Park)
  • DLF IT Tech Park (IBM Kolkata)
    DLF IT Tech Park (IBM Kolkata)
  • DLF Cybercity Chennai
    DLF Cybercity Chennai
  • DLF Epitome Tower, Gurugram
    DLF Epitome Tower, Gurugram
  • DLF Cyber City, Gurgaon
    DLF Cyber City, Gurgaon

References

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  1. ^ "Stock share price of DLF Limited" (PDF). BSE India.
  2. ^ "DLF: Leading Real Estate Company in India". www.dlf.in. Archived from the original on 7 May 2014. Retrieved 8 April 2014.
  3. ^ "DLF Ltd" (PDF). Archived from the original (PDF) on 1 November 2010. Retrieved 17 July 2010.
  4. ^ Sekar, Sunitha (21 March 2013). "DLF residents list litany of broken promises". The Hindu. Chennai, India.
  5. ^ Reddem, Appaji (25 January 2014). "DLF demand may put State in a fix". The Hindu. Chennai, India.
  6. ^ IndianExpress.com :: Is India’s largest IPO going to change the Sensex stakes?.
  7. ^ "DLF seeks land allotted to Gaming City in Hyderabad". thehindubusinessline.com.
  8. ^ "DLF Ltd (DLF.NS)". Reuters. Retrieved 23 March 2013.
  9. ^ "DLF leased 3 million sq ft office space in 2013-14". IANS. news.biharprabha.com. Retrieved 24 April 2014.
  10. ^ "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.
  11. ^ "The story behind DLF's success".
  12. ^ "DLF's KP Singh: Meet the man who built Gurgaon out of nothingness". The Times Of India. 15 October 2014. Archived from the original on 17 October 2014.
  13. ^ ([1])
  14. ^ "58-crore deal between DLF and Robert Vadra cancelled by IAS officer Ashok Khemka". ndtv.com.
  15. ^ "#98 Kushal Pal Singh - The World's Billionaires 2009". Forbes.com. 13 February 2009. Retrieved 21 January 2010.
  16. ^ "Haryana CM inaugurates DLF-HUDA flyover". Business Standard India. Press Trust of India. 11 April 2015 – via Business Standard.
  17. ^ "DLF, HUDA to jointly build 16-lane corridor in Gurgaon". www.infrawindow.com. Archived from the original on 12 July 2012.
  18. ^ "DLF hit with 6.3 billion rupees anti-competition fine". Reuters. 16 August 2011. Archived from the original on 6 March 2016. Retrieved 23 January 2015.
  19. ^ "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.
  20. ^ "DLF Regal Gardens".
  21. ^ "DLF Skycourt".
  22. ^ "CCI orders fresh probe against DLF". The Hindu. Retrieved 15 February 2015.
  23. ^ "Manesar land scam: Long battle awaits Bhupinder Singh Hooda as shady deals return to haunt former Haryana CM". Firstpost. 4 February 2018. Retrieved 29 October 2023.
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