Delhi Land and Finance
Encyclopedia
DLF Limited is India's biggest real estate developer. The DLF Group was founded by Raghuvendra Singh in 1946 and is based in New Delhi, India. 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 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. 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.
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. 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 3000 acres (12.1 km²) it had acquired from farmers. In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon.
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
, a multi-billion dollar business park in Bangalore
, a US$ 1.7 billion investment in Madhya Pradesh
's real estate and infrastructure sector, and a INR 10 billion investment plan for developing special economic zones in Orissa
.
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.
(IPL), a Twenty20
format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.
With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi and banned private real estate developers. As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority
Delhi Development Authority
The Delhi Development Authority was created in 1955 under the provisions of the Delhi Development Act "to promote and secure the development of Delhi".-History:...
, in the district of Gurgaon
Gurgaon
Gurgaon is the second largest city in the Indian state of Haryana. Gurgaon is the industrial and financial center of Haryana. It is located 30 km south of national capital New Delhi, about 10 kilometers from Dwarka Sub City and 268 km south of Chandigarh, the state capital...
, in the adjacent state of Haryana
Haryana
Haryana is a state in India. Historically, it has been a part of the Kuru region in North India. The name Haryana is found mentioned in the 12th century AD by the apabhramsha writer Vibudh Shridhar . It is bordered by Punjab and Himachal Pradesh to the north, and by Rajasthan to the west and south...
. In the mid-1970s, the company started developing their DLF City project at Gurgaon. Its plans include hotels, infrastructure
Infrastructure
Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function...
and special economic zones-related development projects.
The company is headed by Indian billionaire Kushal Pal Singh. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2009, was the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion IPO in July, 2007 was India's biggest IPO in history. 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.
History
In the early 1940s to 1950s, Raghuvendra Singh with Makhan lal jain who was Managing Director Of Delhi Land and Finance Housing and Constrution 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 3000 acre (1,214 ha) of land from farmers in Gurgaon for $2000 per acre.At that time, the Haryana
Haryana
Haryana is a state in India. Historically, it has been a part of the Kuru region in North India. The name Haryana is found mentioned in the 12th century AD by the apabhramsha writer Vibudh Shridhar . It is bordered by Punjab and Himachal Pradesh to the north, and by Rajasthan to the west and south...
government did not allow private companies to develop the land. Years later, when Rajiv Gandhi
Rajiv Gandhi
Rajiv Ratna Gandhi was the sixth Prime Minister of India . He took office after his mother's assassination on 31 October 1984; he himself was assassinated on 21 May 1991. He became the youngest Prime Minister of India when he took office at the age of 40.Rajiv Gandhi was the elder son of Indira...
became Prime Minister
Prime minister
A prime minister is the most senior minister of cabinet in the executive branch of government in a parliamentary system. In many systems, the prime minister selects and may dismiss other members of the cabinet, and allocates posts to members within the government. In most systems, the prime...
, 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. 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 3000 acres (12.1 km²) it had acquired from farmers. In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon.
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 INRIndian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....
700 Crore (INR 7 billion) buyout of NTC Mill Land in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
. Some of DLF's other development initiatives include a US$ 2.1 billion investment in Tamil Nadu
Tamil Nadu
Tamil Nadu is one of the 28 states of India. Its capital and largest city is Chennai. Tamil Nadu lies in the southernmost part of the Indian Peninsula and is bordered by the union territory of Pondicherry, and the states of Kerala, Karnataka, and Andhra Pradesh...
, a multi-billion dollar business park in Bangalore
Bangalore
Bengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
, a US$ 1.7 billion investment in Madhya Pradesh
Madhya Pradesh
Madhya Pradesh , often called the Heart of India, is a state in central India. Its capital is Bhopal and Indore is the largest city....
's real estate and infrastructure sector, and a INR 10 billion investment plan for developing special economic zones in Orissa
Orissa
Orissa , officially Odisha since Nov 2011, is a state of India, located on the east coast of India, by the Bay of Bengal. It is the modern name of the ancient nation of Kalinga, which was invaded by the Maurya Emperor Ashoka in 261 BC. The modern state of Orissa was established on 1 April...
.
Joint ventures
Laing O'RourkeLaing O'Rourke
Laing O'Rourke is a multinational construction company headquartered in Dartford, United Kingdom. It was founded in 1978....
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
WSP Group
WSP Group plc is a British-based business providing management and consultancy services to the built and natural environment. It is listed on the London Stock Exchange and is a former constituent of the FTSE 250 Index.-History:...
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
Hilton Hotels
Hilton Hotels & Resorts is an international chain of full-service hotels and resorts founded by Conrad Hilton and now owned by Hilton Worldwide. Hilton hotels are either owned by, managed by, or franchised to independent operators by Hilton Worldwide. Hilton Hotels became the first coast-to-coast...
to jointly develop hotels in India.
Sponsorship
DLF is currently sponsoring Indian Premier LeagueIndian Premier League
The Indian Premier League is a professional league for Twenty20 cricket competition in India. It was initiated by the Board of Control for Cricket in India , headquartered in Mumbai, and is supervised by BCCI Vice President Rajeev Shukla, who serves as the league's Chairman and Commissioner...
(IPL), a Twenty20
Twenty20
Twenty20 is a form of cricket, originally introduced in England for professional inter-county competition by the England and Wales Cricket Board , in 2003. A Twenty20 game involves two teams, each has a single innings, batting for a maximum of 20 overs. Twenty20 cricket is also known as T20 cricket...
format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.