An Indian company that develops commercial real estate, DLF has been in development since 1946 and is based in New Delhi. It founded residential communities including Model Town; Rajouri Garden; Krishna Nagar; South Extension; Greater Kailash; Kailash Colony & Hauz Khas.
With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi. As a result, DLF started acquiring land at a relatively low cost outside the area controlled by the Delhi Development Authority, in Gurgaon. In the mid-1970s, DLF started developing their DLF City project at Gurgaon. Its plans included hotels, infrastructure and special economic zones related development projects.
Kushal Pal Singh, according to Forbes list of richest billionaires in 2020, is the 494th richest man in the world with a net worth of US$3.6 billion. The company’s $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 ₹31.2098 billion (US$390 million) and profit after taxes of ₹15.1548 billion (US$190 million).
The Competition Commission of India (CCI) imposed a penalty of $79 million on DLF in August 2011 after finding that DLF had broken laws related to the pricing of goods and services. The CCI filed complaints against buyer’s residential complexes in Gurgaon, namely Belaire & Park Place and DLF Regal Gardens. In February 2015 the CCI found more problems with DLF’s project in Gurgaon, which is now investigated by its investigatory arm, including the Luxury Skycourt.
DLF became the title sponsor of the Indian Premier League. The company paid close to $25 million for the 5-year sponsorship deal.
Haryana Urban Development Authority and DLF, in a 50:50 joint venture, have completed work on a 16-lane 10.5 km road network from the NH8 Toll plaza to Sector 55/56 in Gurgaon. This stretch with six underpasses, one flyover and freeways has improved traffic management in Gurgaon. DLF engaged Parsons Brinckerhoff for project management consultation and construction work was awarded to IL&FS.
DLF net Worth
Delhi Land & Finance (DLF) reported a drop in the value of its assets for the second consecutive year, with total assets worth 550 billion Indian rupees.