 | |
| Type | Public (BSE: 532868) (NSE: DLF) |
|---|---|
| Industry | Real estate, Retail, Sports |
| Founded | 1946 |
| Headquarters | New Delhi, India [1] |
| Key people | Kushal Pal Singh (Chairman) |
| Products | Offices Apartments Shopping Malls Hotels Golf courses infrastructure |
| Revenue |  1.74 billion (2010)[2] |
| Net income | 400 million (2010)[2] |
| Total assets |  13.71 billion (2010)[2] |
| Owner(s) | KP Singh & family (78%) |
| Website | www.dlf.in |
DLF Limited (BSE: 532868), (NSE: DLF) is India's biggest real estate developer. The DLF Group was founded by Raghuvendra Singh in 1946 and is based in New Delhi, India.[3]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.[4]
The company is headed by Indian billionaire 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.[5] 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.
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[edit]History
In the early 1940s to 1950s, Raghuvendra Singh 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 $2000 per acre.[6]
At that time, the Haryana government did not allow private companies to develop the land. Years later, when Rajiv Gandhi became Prime Minister, he ensured that the Haryana Government changed the local law and allowed private companies to develop land. Gurgaon underwent a private real estate boom which is continuing to this day.[7] The boom includes world-class office buildings, apartments, golf courses, shopping malls, 5-star hotels and a private expressway linking Gurgaon to Delhi Airport.
In 1985, dlf started developing the 3,000 acres (12 km2) it had acquired from farmers.[3] In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon.[3]
[edit]Recent history
Until the mid-1990s, most of DLF's operations were in Gurgaon and the Delhi metropolitan area. With its increased assets, DLF has been trying to increase its operations all over India. A major investment made by DLF was a INR 700 Crore (INR 7 billion) buyout of NTC Mill Land in Mumbai. Some of DLF's other development initiatives include a US$ 2.1 billion investment in Tamil Nadu,[8] a multi-billion dollar business park in Bangalore,[9] a US$ 1.7 billion investment in Madhya Pradesh's real estate and infrastructure sector,[10] and a INR 10 billion investment plan for developing special economic zones in Orissa.[11]
[edit]Joint ventures
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.
[edit]Sponsorship
DLF is currently sponsoring Indian Premier League (IPL), a Twenty20 format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.[12]
