DLF (company)

Last updated

DLF Limited
Company type Public
ISIN INE271C01023
Industry Real 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)
Products Offices
Apartments
Shopping malls
Hotels
Golf courses
Infrastructure
RevenueIncrease2.svg6,958 crore (US$870 million) [1]  (2024)
Increase2.svg2,724 crore (US$340 million) (2024)
Total assets Increase2.svg60,262 crore (US$7.5 billion) (2024)
Number of employees
1,608 (excluding hotel business)
(March 2019)
Website www.dlf.in

Delhi Land & Finance (DLF Limited) is a 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]

Contents

With the passage of the Delhi Development Act in 1957, 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$390 million) and profit after taxes of 15.1548 billion (US$190 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

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

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$25 million) for the five-year sponsorship deal. [15] The deal ended in the 2012 version of the season; wherein it was taken over by Vivo.

Beyond buildings

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

In August 2011, a penalty of 6.3 billion (US$79 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

DLF IT Park, Ramapuram, Chennai.jpg
DLF Cybercity IT SEZ at Chennai

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<i>Manesar land scam</i>

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<i>Garhi Sampla Uddar Gagan land case</i>

The Rohtak-Garhi Sampla Uddar Gagan Model Township land grab case pertains to illegal acquisition and licensing of 850.88 acres land under Bhupinder Singh Hooda's rule as the Chief Minister of Haryana. Hooda acquired land from illiterate poor farmers at a throwaway prices in the name of "public interest" and later licensed this land to builders by granting them out-of-turn favors, which resulted in exponential increase in the land value, causing gains to big builders. HUDA issued notification on 11 April 2002 for acquiring 850.88 acres land for residential and commercial development in Sector 27-28 of Rohtak However, which was later reduced to acquire 441.11 acre on 8 April 2003. A private builder, Uddar Gagan Properties Limited, was granted license by Hooda' government to develop a colony across 280 acres of the released land [excluded from government acquisition], thus accruing illegal gains to private middlemen. HUDA issued notification on 11 April 2002 for acquiring 850.88 acres land for residential and commercial development in Sector 27-28 of Rohtak However, which was later reduced to acquire 441.11 acre on 8 April 2003. A private builder, Uddar Gagan Properties Limited, was granted license by Hooda' government to develop a colony across 280 acres of the released land [excluded from government acquisition], thus accruing illegal gains to private middlemen. Uddar Gagan is owned by Zee.

<i>Sonepat-Kharkhoda IMT land case</i>

Sonepat-Kharkhoda Industrial Model Township land case being investigated by the Central Bureau of Investigation (CBI) against Bhupinder Singh Hooda. This under-investigation scam pertains to acquisition of 700 acre land in 3 villages near Kharkhoda in Sonepat district for the Industrial Model Township.. Punjab and Haryana High Court in March 2013 and the Supreme Court of India in May 2016 had cancelled the government's decision to release land to the private builder. Two senior officials in then Chief Minister Hooda's office were indicted for allegedly favouring the developers. Subsequently, in 2018 the Government of Haryana referred the case to CBI to investigate the against Hooda and others.

<i>Haryana Raxil drug purchase case</i>

Haryana Raxil drug purchase scam case is a case under investigation by the Central Vigilance Commission (CVC) and the Central Bureau of Investigation (CBI) against Bhupinder Singh Hooda for the illegal purchase of Raxil fungicide which resulted in INR80 crore loss to the government. This scam, initially exposed by Ashok Khemka, is also pending in the Punjab and Haryana High Court.

<i>Haryana Forestry case</i> Multi-crore fake plantation scam

Haryana Forestry scam case is a multi-crore fake plantation scam allegedly involving Bhupinder Singh Hooda, Kiran Chaudhary and others where government money was embezzled. In 2009, this scam was exposed by the whistleblower, Sanjiv Chaturvedi, Ramon Magsaysay Award-winner Indian Forest Service officer with then Government of Haryana, who filed a case in September 2012 to seek Supreme Court's instructions to CBI to investigate the case. Earlier, Haryana Government had suspended him in 2007 for acting against illegal felling of trees and poaching in Saraswati Wildlife Sanctuary, but his suspension was revoked by the President in 2008 and the chargesheet was overturned in 2011 on an appeal against the decision of Haryana government. An inquiry committee of the Ministry of Environment & Forest (MoEF) found Chaturvedi's allegations against Haryana government true, preferred an inquiry by Central Vigilance Commission and by CBI into dubious role of certain highly placed politicians and civil servants. CBI, in its reply to CVC, found Chaturvedi's allegations against then Haryana Government creditable enough for an independent inquiry. As per the rules, CBI can not undertake suo motu investigation, only state government, high court or supreme court can ask CBI for it.

<i>DLF land grab case</i>

DLF land grab case is a case related to 50 acre land grab in 2013 in Amipur village of Haryana during the Congress' Bhupinder Singh Hooda government, for which Robert Vadra, Hooda and DLF are being investigated by the CBI. Hooda's generosity towards land sharks and builders caused huge losses to farmers and Haryana Government. Consequently, there are Central Bureau of Investigation (CBI) inquiries and court cases against him related to shady land deals. Those deals include the allotment of a highly subsidised land and change in land use license for his relatives and influential friends connected to Indian National Congress, such Sonia Gandhi's son-in-law Robert Vadra. Jitesh Vadra made illegal gains of over INR50 crore from this land deal within few months in 2008. CBI has filed an 80,000 page long chargesheet in the court related to this case and Manesar land scam case.

<i>Gurugram Rajiv Gandhi Trust land grab case</i> Indian political case

Gurugram Rajiv Gandhi Trust land grab case against Robert Vadra and Bhupinder Singh Hooda is being investigated by the Central Bureau of Investigation (CBI) as per Supreme Court of India's order. In the Gurugram Rajiv Gandhi Trust land grab scam between 2004 and 2014, then Government of Haryana administration of Indian National Congress's Chief Minister Bhupinder Singh Hooda, had handed over panchayat land to the Rajiv Gandhi Charitable Trust in the name of public interest use, resulting in this trust being sued by the gram panchayat in Punjab and Haryana High Court against the land grabbing of the Gandhi family by the Hooda government. Then Chief Minister Bhupinder Singh Hooda. who also held the charge of Panchayat department at that time, had approved the grant of 5.3 acre panchayat land to Rajiv Gandhi Trust for 33 years at a rate of Rs 3 lakh per acre in January 2010, trust applied for the change of land use on 3 December 2010, which was approved on the same day.

References

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  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.
  13. ()
  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. 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-India News , Firstpost". Firstpost. 4 February 2018. Retrieved 29 October 2023.