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DLF Limited


DLF Limited

DLF Limited (Delhi Land & Finance) is the largest commercial real estate developer in India. It 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.

DLF Limited is headed by Indian billionaire Kushal Pal Singh, who 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.

Controversies

In October 2012, DLF was accused by India Against Corruption activists Arvind Kejriwal and Prashant Bhushan of having a quid pro quo arrangement with Sonia Gandhi's son-in-law Robert Vadra.

See Also: Robert Vadra - Allegations of Corruption

Despite denying the allegations levelled by India Against corruption that DLF has sold property to Robert Vadra at bargain-basement prices, the shares of DLF Limited slid by over 7% on 8 October 2012. The DLF Limited has denied any wrongdoing in the business transactions with Vadra. The shares of DLF fell by 7.24% to Rs. 224.25 on the BSE on 8 October 2012.


On 11 October 2012, Goldman Sachs has downgraded its recommendation on DLF to neutral from buy. The decision to downgrade was taken because of slower approvals which could delay project launches. Goldman also removed DLF from its Asia-Pacific buy list.

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