KHWAJA MOINUDDIN CHISHTI LANGUAGE

UNIVERSITY, LUCKNOW

Research report
On
DLF LTD.

Submitted for the partial fulfillment of the Requirement for the

Degree of
Master of Business Administration (MBA) Session:–2023-
2024

Submitted to: Submitted by:

Prof. Musheer Ahmed MANAL KHAN
Roll no. 2353151028
(Head of Department)
MBA- 3rd
Enroll No. B-0220.

1
 DECLARATION

I, Manal Khan student of Master of Business Administration (MBA) Programme at the

Khwaja Moinuddin Chishti Language University, Lucknow hereby declare that all the
information, facts and figures used in this research project title “DLF LTD.” have been
collected by me. I also declare that this project report has been prepared by me and the same
has never been submitted by the undersigned either in part or in full to any other University or
Institute or published earlier. I confirm that this project report is my own original work and that
I have not copied anything from other published or unpublished work without their permission.
This information is true to the best of my knowledge and belief.

DATE:- Manal Khan

Roll No.2353151028

MBA- 3rd
 ACKNOWLEDGEMENT

Preparing a project report, I am fortune enough to get support from a number of people
to whom I shall always remain grateful for helping me in completing this project within
the stipulated time limit. I take the opportunity to express my deep sense of gratitude
towards my research guide Prof. Musheer Ahmed for giving me due freedom of
decision making and at the same time strictly adhering to high quality of my work. I
would also wish to acknowledge my friends and family for their moral support,
encouragement and patience throughout the course of this project. I would like to
express my gratitude to all these persons and to all the respondents for their patience
throughout the numerous discussions I have had with them during the course of this
project. Finally I thank to God almighty for showering his blessings at each stage of this
project work.

Date: Manal Khan

Roll No.2353151028

MBA- 3rd

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 PREFACE
In the dynamic landscape of real estate development, comprehensive research becomes
the cornerstone for understanding the intricacies, challenges, and transformative
potentials that define industry leaders. This research delves into the realms of DLF
Limited, a prominent force in the Indian real estate sector. Acknowledging the pivotal
role that DLF plays in shaping urban environments and contributing to the socio-
economic fabric, this study seeks to unravel the multifaceted dimensions that
characterize the company's operations, strategies, and impact.

DLF Limited, with its rich history and expansive portfolio, stands as a testament to the
evolution of the real estate sector in India. The company's ventures span residential,
commercial, and retail domains, influencing the very fabric of urban living. This
research embarks on a journey to explore the factors that have propelled DLF into a
position of leadership, examining its strategic initiatives, innovative approaches, and
the economic and social ramifications of its endeavors.

As we navigate through the labyrinth of DLF's real estate ventures, the research aims
to provide a comprehensive understanding of the market dynamics, regulatory
landscapes, and the intricate interplay of factors that shape the company's
decisionmaking processes. From landmark developments that redefine city skylines to
the intricate threads connecting DLF with its stakeholders, our exploration goes beyond
the surface, seeking to capture the essence of DLF's contribution to the real estate
narrative.

The significance of this research extends beyond the realm of corporate analysis. DLF's
footprint intertwines with urbanization trends, economic growth, and community
dynamics. By dissecting the layers of DLF's real estate ventures, we aim to contribute
to the broader discourse on sustainable urban development, corporate governance, and
the role of real estate in shaping the future of India's cities.

In the following chapters, readers will encounter a synthesis of data, analysis, and
insights gathered through meticulous research methodologies. We invite the audience
to embark on this intellectual expedition, where we navigate the corridors of DLF's real

4
estate landscape, deciphering the company's past, understanding its present, and
contemplating the trajectories that may define its future.

This research serves as both a tribute to the legacy of DLF Limited and a guide for
stakeholders, academics, and enthusiasts eager to comprehend the intricacies of one of
India's leading real estate developers. As we unveil the layers of DLF's real estate
narrative, we invite readers to engage in a thoughtful exploration of an industry titan
and the transformative forces that continue to shape the built environment.

5
 TABLE OF CONTENT
Sr. No. Particulars Page No.
1. INDUSTRY OVERVIEW 9-28

Sector composition

Market size

Contribution to Economy

Government initiatives
2. COMPANY PROFILE 29-38

DLF – Building India

Products offered

Competitors
3. BUSINESS POLICY 39-46

DLF Business Model

Modes of Revenue generation

Organizational Structure

Sales & Marketing efforts

DLF Management Team

Corporate Culture
4. ANALYSIS OF BUSINESS STRATEGY 47-57
DLF Marketing Strategy & Marketing Mix
(4Ps)

DLF Limited SWOT Analysis

PESTLE Analysis
5. CONCLUSION 58-59

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6. RECOMMENDATIONS 60-61

7. SCREENSHOTS OF DATA 62-66

PROCUREMENT
8. BIBLIOGRAPHY 67-69
9. Glossary of Terms 70-71

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 LIST OF TABLE AND FIGURES

Sr. No. Figure Name Page No.

1. Figure 1: Real Estate Image 10

2. Figure 2: Real Estate Market Size 11

3. Figure 3: DLF Buildings 20

4. Figure 4 Social Sustainability 23

5. Figure 5: Environment Sustainability 27

6. Figure 6:DLF IT Tech Park (IBM Kolkata) 33

7. Figure 7: DLF IBM Kolkata (Tech Park) 35

8. Figure 8: Organizational Structure 42

9. Figure 9: Financial & Informational 44

Transparency

10. Figure 10 :DLF Building 49

11. Figure 11: DLF Buildings 53

12. Figure 12: Screenshots 66

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 CHAPTER 1

INTRODUCTION

Sector Composition

The real estate sector is one of the most globally recognized sectors. It
comprises of four sub-sectors - housing, retail, hospitality, and commercial.
The growth of this sector is well complemented by the growth in the
corporate environment and the demand for office space as well as urban
and semi-urban accommodation. The construction industry ranks third
among the 14 major sectors in terms of direct, indirect and induced effects
in all sectors of the economy.

In India, the real estate sector is the second-highest employment generator,

after the agriculture sector. It was also expected that this sector will incur
more non-resident Indian (NRI) investment, both in the short term and the
long term. Bengaluru was expected to be the most favoured property
investment destination for NRIs, followed by Ahmedabad, Pune, Chennai,
Goa, Delhi and Dehradun.

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 Figure 1: Real Estate Image

MARKET SIZE

By 2040, real estate market will grow to Rs. 65,000 crore (US$ 9.30
billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. Real estate sector
in India is expected to reach US$ 1 trillion in market size by 2030, up from
US$ 200 billion in 2021 and contribute 13% to the country‘s GDP by 2025.
Retail, hospitality, and commercial real estate are also growing
significantly, providing the much-needed infrastructure for India's growing
needs.

India‘s real estate sector is expected to expand to US$ 5.8 trillion by 2047,
contributing 15.5% to the GDP from an existing share of 7.3%.

In FY23, India‘s residential property market witnessed with the value of

home sales reaching an all-time high of Rs. 3.47 lakh crore (US$ 42

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billion), marking a robust 48% year-on-year increase. The volume of sales
also exhibited a strong growth trajectory, with a 36% rise to 379,095 units
sold.

Figure 2: Real Estate Market Size

Indian real estate developers operating in the country‘s major urban centres
are poised to achieve a significant feat in 2023, with the completion of
approximately 558,000 homes.

India‘s real estate sector saw over 1,700 acres of land deals in top eight
cities in the first nine months of FY22. Foreign investments in the
commercial real estate sector were at US$ 10.3 billion from 2017-2021.
As of February 2022, Developers expected demand for office spaces in
SEZs to shoot up after the replacement of the existing SEZs act.

As per ICRA estimates, Indian firms were expected to raise >Rs. 3.5 trillion
(US$ 48 billion) through infrastructure and real estate investment trusts in
2022, as compared with raised funds worth US$ 29 billion to date.

The office market in the top eight cities recorded transactions of 22.2 msf
from July 2020 to December 2020, whereas new completions were
recorded at 17.2 msf in the same period. In terms of share of sectoral

11
occupiers, Information Technology (IT/ITeS) sector dominated with a 41%
share in the second half of 2020, followed by BSFI and Manufacturing
sectors with 16% each, while Other Services and Coworking sectors
recorded 17% and 10%, respectively.

Around 40 million square feet were delivered in India in 2021. It is

expected that the country will have a 40% market share in the next 2-3
years. India was expected to deliver 46 million square feet in 2022.

According to Savills India, real estate demand for data centres is expected
to increase by 15-18 million sq. ft. by 2025.

In 2020, the manufacturing sector accounted for 24% of office space

leasing at 5.7 million square feet. SMEs and electronic component
manufacturers leased the most between Pune, Chennai and Delhi NCR,
followed by auto sector leasing in Chennai, Ahmedabad and Pune. The
3PL, e-commerce and retail segments accounted for 34%, 26% and 9% of
office space leases, respectively. Of the total PE investments in real estate
in Q4 FY21, the office segment attracted 71% share, followed by retail at
15% and residential and warehousing with 7% each.

In 2022, office absorption in the top seven cities stood at 38.25 million Sq.
ft.

In the first quarter of 2023 (January-March), net office absorption in the

top six cities stood at 8.3 million sq. ft.

Fresh real estate launches across India‘s top seven cities grabbed a 41%
share in the first quarter of 2023 (January-March), marking an increase
from the 26% recorded in the same period four years ago. Out of

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approximately 1.14 lakh units sold across the top seven cities in the first
quarter of 2023, over 41% were fresh launches.

In the third quarter of 2021 (between July 2021-September 2021), new

housing supply stood at ~65,211 units, increased by 228% YoY across the
top eight cities compared with ~19,865 units launched in the third quarter
of 2020.

In 2021-22, the commercial space was expected to record increasing

investments. For instance, in October 2021, Chintels Group announced to
invest Rs. 400 crore (US$ 53.47 million) to build a new commercial project
in Gurugram, covering a 9.28 lakh square feet area. The transactions of
commercial real estate doubled and reached 1.5 million sq. ft. in Q1 of
2023.

According to the Economic Times Housing Finance Summit, about three

houses are built per 1,000 people per year compared with the required
construction rate of five houses per 1,000 population. The current shortage
of housing in urban areas is estimated to be ~10 million units. An additional
25 million units of affordable housing are required by 2030 to meet the
growth in the country‘s urban population.

Contribution to Economy

Indian real estate sector has witnessed high growth in the recent times with
rise in demand for office as well as residential spaces.

The Private Equity Investments in India‘s real estate sector, stood at US$
4.2 billion in 2023.

The Private Equity Investments in India‘s real estate sector, stood at US$
3.4 billion in 2022.

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India‘s real estate sector saw a three-fold increase in foreign institutional
inflows, worth US$ 26.6 billion during 2017-2022.

Exports from SEZs reached Rs. 7.96 lakh crore (US$ 113.0 billion) in
FY20 and grew ~13.6% from Rs. 7.1 lakh crore (US$ 100.3 billion) in
FY19.

In July 2021, the Securities and Exchange Board of India lowered the
minimum application value for Real Estate Investment Trusts from Rs.
50,000 (US$ 685.28) to Rs. 10,000-15,000 (US$ 137.06 - US$ 205.59) to
make the market more accessible to small and retail investors.

FDI in the sector (including construction development & activities) stood

at US$ 56.03 billion from April 2000-March 2023.

Some of the major investments and developments in this sector are as

follows:

The sale of luxury homes in India increased by 130% in the first half
of 2023 compared to the corresponding period of the previous year.
Between January-June 2023, 6,900 luxury homes costing Rs. 4 crore
(US$ 488,011.96) and above were sold, as opposed to 3,000 in 2022.

In India's top eight cities, housing prices rose 7% year-over-year due

to strong housing demand supported by persistent purchaser demand
and steady borrowing rates.

The Indian real estate sector witnessed strong private equity (PE)
investments of US$ 1.92 billion in Q2 of 2023, demonstrating
investor confidence in the market. According to the most recent
Investment report from Cushman & Wakefield, this was 63% higher

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 than the previous quarter (Q1 of 2023) and 60% higher than the same
time last year.

In July 2023, Delhi-NCR emerged as the third biggest city in the Asia
Pacific in having flexible office space stock beating Beijing and
Seoul, while Bengaluru retained the top spot, according to real estate
consultant CBRE.

Transactions for office spaces in April-June 2023, which totalled 14.8

million square feet, represented the highest quarterly figure recorded
since Q1 2021.

During the first half of 2023, institutional investments in the office

sector increased by 2.5 times year-on-year, reaching US$ 2.7
million.

In FY23, Delhi-NCR received 32% of the total private equity (PE)

investment in the real estate sector.

Sales in the luxury residential market scaled by 151% year-overyear

(y-o-y) in the quarter from January-March, 2023.

Housing sales in top seven Indian cities stood at 1.14 lakh units in Q1
of 2023, an increase of over 99,500 units compared to the same
period of 2022.

In Q1 of 2023, Bengaluru, Delhi-NCR and Chennai together

accounted for two-thirds of quarterly demand. At 27%, flexible
workspace was the biggest contributor to demand.

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As of June 5, 2023, 119.7 lakh houses have been sanctioned and 74.75
houses have been completed and delivered to urban poor under the
Pradhan Mantri Awas Yojana-Urban (PMAY-U).

Between January-July 2022, private equity investment inflows into

the real estate sector in India stood at US$ 3.27 billion.

Home sales across top eight cities in India surged 68% YoY to reach
~308,940 units in 2022, signifying a healthy recovery in the sector.

Retail real estate segment attracted institutional investments of US$

492 million in 2022.

In the third quarter of 2021, the Institutional real estate investment in

India increased by 7% YoY. Investment registered in the first nine
months of 2021 stood at US$ 2,977 million, as against US$ 1,534
million in the same period last year.

In November 2021, Ascendas India bought Aurum Ventures‘

16storey commercial tower in Navi Mumbai for Rs. 353 crore (US$
47 million), making it the largest deal of a standalone commercial
tower by a global institutional investor during the past few years.

REA India-owned online real estate company Housing.com tied up

with online legal assistance start-ups LegalKart, Lawrato,
Vidhikarya and Vakil in 2021 to offer legal advice and assistance to
homebuyers.

Top three cities—Mumbai (~39%), NCR-Delhi (~19%) and

Bengaluru (~19%)—attracted ~77% of the total investments
recorded in the third quarter of 2021.

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India's flexible space stock was likely to expand by 10-15% YoY,
from the current 36 million sq. ft., in the next three years, according
to a report by CBRE.

To establish an investment platform for the Indian retail-led mixeduse

assets, in June 2021, GIC announced to acquire a minority stake in
Phoenix Mills‘ portfolio (worth US$ 733 million).

In May 2021, Blackstone Real Estate acquired Embassy Industrial

Parks for Rs. 5,250 crore (US$ 716.49 million) to expand its
presence in the country.

To expand into the Indian real estate market, SRAM & MRAM Group
collaborated with Area CAS Developers and Infrastructure
Private Limited (Area Group), and Gupta Builders and Promoters
Private Limited (GBP Group) of India. It plans to invest US$ 100
million in the real estate sector.

According to Anarock, housing sales in seven cities increased by 29%

and new launches by 51% in Q4 FY21 over Q4 FY20.

Private market investor, Blackstone, which has significantly invested

in the Indian real estate sector (worth Rs. 3.8 lakh crore (US$ 50
billion) is seeking to invest an additional Rs. 1.7 lakh crore (US$ 22
billion) by 2030.

In 2021, working remotely was being adopted at a fast pace and

demand for affordable houses with ticket size below Rs. 40-50 lakh
was expected to rise in Tier 2 and 3 cities, leading to an increase in
prices in those geographies.

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 In April 2021, HDFC Capital Advisors (HDFC Capital) partnered
with Cerberus Capital Management (Cerberus) to create a platform
that will focus on high-yield opportunities in the residential real
estate sector in India. The platform seeks to purchase inventory and
provide last-mile funding for under construction residential projects
across the country.

In March 2021, Godrej Properties announced it would launch 10 new

real estate projects in Q4.

In March 2021, Godrej Properties increased its equity stake in

Godrej Realty from 51% to 100% by acquiring equity shares from
HDFC Venture Trustee Company.

In January 2021, SOBHA Limited‘s wholly owned subsidiary, Sabha

Highrise Ventures Pvt. Ltd. acquired 100% share in Annalakshmi
Land Developers Pvt. Ltd.

GOVERNMENT INITIATIVES

Government of India along with the governments of respective States has

taken several initiatives to encourage development in the sector. The Smart
City Project, with a plan to build 100 smart cities, is a prime opportunity
for real estate companies. Below are some of the other major Government
initiatives:

In the Union Budget 2023-24, the Finance Ministry announced a

commitment of Rs. 79,000 crore (US$ 9.64 billion) for PM Awas
Yojana, which represents a 66% increase compared to the last year.

In October 2021, the RBI announced to keep benchmark interest rate

unchanged at 4%, giving a major boost to the real estate sector in the

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 country. The low home loan interest rates regime was expected to
drive the housing demand and increase sales by 3540% in the festive
season in 2021.

Under Union Budget 2021-22, tax deduction up to Rs. 1.5 lakh (US$
2069.89) on interest on housing loan, and tax holiday for affordable
housing projects have been extended until the end of fiscal 2021-22.

The Atmanirbhar Bharat 3.0 package announced by Finance Minister

Mrs. Nirmala Sitharaman in November 2020 included income tax
relief measures for real estate developers and homebuyers for
primary purchase/sale of residential units of value (up to Rs. 2 crore
(US$ 271,450.60) from November 12, 2020 to June 30, 2021).

In order to revive around 1,600 stalled housing projects across top

cities in the country, the Union Cabinet approved the setting up of
Rs. 25,000 crore (US$ 3.58 billion) alternative investment fund
(AIF).

Government created an Affordable Housing Fund (AHF) in the

National Housing Bank (NHB) with an initial corpus of Rs. 10,000
crore (US$ 1.43 billion) using priority sector lending short fall of
banks/financial institutions for micro financing of the HFCs.

As of December 31, 2022, India had formally approved 425 SEZs,

and as of January, 2023, 270 SEZs are operational. Most special
economic zones (SEZs) are in the IT/ BPM sector.

The Securities and Exchange Board of India (SEBI) has given its approval
for the Real Estate Investment Trust (REIT) platform, which will allow all
kind of investors to invest in the Indian real estate market. It would create

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an opportunity worth Rs. 1.25 trillion (US$ 19.65 billion) in the Indian
market in the coming years. Responding to an increasingly well-informed
consumer base and bearing in mind the aspect of globalisation, Indian real
estate developers have shifted gears and accepted fresh challenges. The
most marked change has been the shift from family-owned businesses to
that of professionally managed ones. Real estate developers, in meeting the
growing need for managing multiple projects across cities, are also
investing in centralised processes to source material and organise
manpower and hiring qualified professionals in areas like project
management, architecture and engineering.

The residential sector was expected to grow significantly, with the central
government aiming to build 20 million affordable houses in urban areas
across the country by 2022, under the ambitious Pradhan Mantri Awas
Yojana (PMAY) scheme of the Union Ministry of Housing and Urban
Affairs. Expected growth in the number of housing units in urban areas will
increase the demand for commercial and retail office space.

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 Figure 3: DLF Buldings
The current shortage of housing in urban areas was estimated to be ~10
million units. An additional 25 million units of affordable housing are
required by 2030 to meet the growth in the country‘s urban population.

The growing flow of FDI in Indian real estate is encouraging increased

transparency. Developers, in order to attract funding, have revamped their
accounting and management systems to meet due diligence standards.
Indian real estate was expected to attract a substantial amount of FDI with
US$ 8 billion capital infusion by FY22.

DLF Vision

DLF Foundation's vision is to transform the communities we work with

through high-impact interventions in spheres of education, healthcare,
social sustainability, and environment enabling a better quality of life and
creating sustainable ecosystems for all stakeholders within the immediate
and extended communities.

We accomplish this through the creation of customized programmes and

innovative institutions that address India‘s current development challenges
and by providing a platform for the Foundation to collaborate with other
institutions, professionals, and subject matter experts to deliver sustained,
magnified impact across communities of interest.

DLF Foundation transforms communities by delivering high-impact

interventions in the following focus areas:

Education

DLF Foundation is committed to driving excellence along with inclusivity

in education, helping shape the next generation of India. DLF

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Foundation‘s flagship education Programme 'DLF CARES' was
established with the premise that every child has the right to quality
education and the primary objective is to nurture and handhold children to
enable them to realize their true potential and become productive and
responsible citizens of tomorrow. Under this Programme, we award
scholarships to deserving students from low-income families and support
their education in quality schools and institutions up to class XII and
beyond. Since the inception of the program in 2011, close to 2000+
students from 19 states have been supported in their education and over
300 have gone on to pursue higher education. The scholars in addition to
the academic interventions are also provided counselling and mentoring
support through a dedicated Counselling cell established at the Foundation.

In addition to academics, the DLF Foundation also believes in nurturing

the leaders of tomorrow in the field of sports. In line with this vision, the
Foundation set up the Golf Excellence Program in partnership with DLF
Golf Academy in 2017 to encourage the next generation of golf champions
in India. Over the last 4 years, the Golf Excellence Program has worked
with 19 promising youngsters who have won over 50 awards for first place
at various regional and national golf championships in the country.

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Figure 4 Social Sustainability

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Social Sustainability

DLF Foundation understands that community development does not

happen in a vacuum and ensuring that sustainable ecosystems are created
is a crucial social commitment that impacts our development as a society.
Keeping this in mind, we work towards the goal of sustainable cities,
prioritizing a sustainable environment for the larger public good.

Road safety and pedestrian safety is a crucial component of any sustainable

ecosystem. Recognizing this, the DLF Foundation is planning safe
pedestrian walkways on high-traffic and high-speed public roads that are
prone to accidents.

In addition, the DLF Foundation also steps in to build and create public
facilities to address development gaps where needed. The Foundation is
planning the development of a first-of-its-kind eco-friendly crematorium
in Gurugram in association with the Haryana Government.

Through such projects, DLF Foundation strives to make our cities more
sustainable and improve the quality of life of all citizens in our urban and
rural spaces. Additionally, in times of crisis, DLF Foundation has always
stepped up to assist affected communities with multifold impact-driven
interventions. The DLF Foundation distributed over 64 lakh cooked and
dry meals to the poor and jobless migrants in partnership with ISKCON,
Akshaya Patra, and DLF Clubs in NCR during the first wave of the
COVID-19 pandemic. Along with this, the DLF Foundation donated Rs. 5
crores to the Haryana Government Covid relief fund and made
contributions to Tamil Nadu and Telangana government Covid relief funds.

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Healthcare

Healthcare is a crucial area of intervention for the DLF Foundation and

there are multiple on-ground initiatives and projects in this area which are
implemented in partnership with the leading healthcare providers and
hospitals.

Facing the COVID-19 Pandemic, DLF Foundation established two fully

equipped and staffed COVID-19 Facilities in partnership with ―NH
Narayana Super Specialty Hospital‖ and an NGO, ―Care India‖ that have
treated Covid-19 infected patients since 2021. Understanding the
importance of vaccination as the key to beating this pandemic, the DLF
Foundation has partnered with leading Indian hospitals and has so far
vaccinated over 30,000+ persons across 5 states. Medical Helplines was
started in partnership with Medanta and NH Narayana Super Specialty
Hospital during the COVID-19 pandemic to provide online medical
consultation with leading doctors.

DLF Foundation also provided COVID Medical and Safety Equipment to

Government Bodies and Hospitals across several states to aid in the fight
against the COVID pandemic. Medical and safety equipment including CT
Scan machines, ventilators, face masks, PPE kits, oxygen concentrators,
oxygen cylinders, and Hospital Beds were provided to district
administrations of Delhi, Gurugram, Noida, Uttarakhand, Chennai,
Bengaluru, Lucknow, Panchkula, and Indore.

Beyond the pandemic, DLF Foundation provides free ambulance services

in Gurugram in partnership with leading hospitals and Ambulance
Providers. The Foundation has also partnered with mental health experts
and the district administration of Gurugram to provide free online mental

25
health services through the platform ‗IWill Care‖. The IWill Care platform
has already helped over 35,000+ patients who have called the helpline for
assistance on mental and emotional health. Furthermore, DLF Foundation
is supporting Adharshila for a Family Health Centre in Gwal Pahari,
Gurugram to make quality health care affordable for impoverished
communities living in and around the area. Over 1,000 beneficiaries have
been provided with 4,658 consultations through this initiative. The DLF
Foundation has also collaborated with Fortis Healthcare to provide
healthcare to underserved communities, with over 515 beneficiaries having
been provided healthcare through this initiative till now.

DLF Foundation‘s commitment to healthcare also extends to animal

welfare and it supports the Pasha Wing of the CGS Trust Hospital which
provides free healthcare to street animals, free vaccinations for strays and
a feeding program that feeds over 7000 stray dogs every month. To ensure
the availability of quality medical care for small animals in Delhi, this year
a new branch of the CGS Hospital was established in Sarojini Nagar in
partnership with the DLF Foundation. The new veterinary care centre in
Delhi is equipped to offer surgical care, diagnostic services, daycare, and
grooming services, and also offers separate OPD and IPD for dogs and cats.
It has a dedicated team of experienced veterinary doctors alongside an in-
house pharmacy and pet store as part of the facility.

Additionally, DLF Foundation also supports All Creatures Great and

Small(ACGS) to provide shelter and healthcare to animals in Haryana with
more than 7980 animals benefitted through this initiative in the FY 2022-
23.

26
Figure 5: Environment Sustainability

27
Environment

Greening initiatives are a vital component of environmental sustainability

efforts as they play a crucial role in lowering carbon emissions, enhancing
biodiversity, and improving air quality. Focusing on the environment, the
DLF Foundation has undertaken plantation and greening initiatives to
create green belts along several public roads across Gurugram, Delhi and
Hyderabad.

As part of this initiative, over 51,588 square metres of green cover is being
added to several parts of Gurugram in collaboration with the Gurugram
Metropolitan Development Authority (GMDA).

Working towards increasing the green cover in Delhi, the DLF Foundation
has adopted two public parks in Greater Kailash-I, spread over 8 acres.

Additionally, DLF Foundation has partnered with Greater Hyderabad

Municipal Corporation to develop and maintain green corridors in the city,
with the plantation being undertaken on the central verge of a 1km long
public road between IIT Junction to Radisson Hotel.

CHAPTER 2

COMPANY PROFILE

DLF Ltd. is the largest real estate developer in India with more than 73
years of experience in the realty sector. The company operates in all the
stages of real estate development – land identification and acquisition,

28
planning execution, construction and marketing of projects. The company
generates its revenues from both sales and rentals of its projects. It is also
engaged in power generation and transmission. In 2018, the company
decided on a new business model named DLF 2.0.

DLF – Building India

Year Milestone

2023 The new sales bookings of DLF Ltd. for the first
quarter of FY24 stood at Rs. 2,040 crore (US$
245.4 million).

DLF Ltd. will unveil projects worth Rs. 19,710

crore (US$ 2.39 billion) for sale by March, 2024
and aims to achieve sale bookings of about Rs.
12,000 crore (US$ 1.45 billion) in FY24 on strong
housing demand.

29
Year Milestone

DLF Ltd's sales bookings rose 62% year-on-year

during the April-September, 2022 period to Rs.
2022 4,092 crore (US$ 499.8 million) on better demand
for its housing properties.

2021 In June 2021, DLF appointed Mr. Ashok Kumar

Tyagi and Mr. Devinder Singh, two whole-time
directors, as the chief executive officers (CEOs) of
the company.

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Year Milestone

2020 DLF will invest Rs. 130 crore (US$17.62 million)

over the next 18 months to develop a data centre in
Noida, as it seeks to encash the rise in demand for
data storage capacity.

DLF raised Rs. 1,000 crore (US$ 143.08 million)

by issuing non-convertible debentures

DLF Mall of India became the first mall in the

world to be accredited with a 'LEED Platinum'
certification from United States Green Building
2019
Council (USGBC) under Existing Building
Operation and Maintenance category (EBOM)

31
Year Milestone

DLF and GIC joint venture (JV) planned to build

the country‘s biggest retail mall of around 2.5
million square feet

DLF aimed to double its rental business to Rs.

4,700 crore (US$ 682.24 million) in 3 years

2017 GIC Real Estate became a partner in DLF Cyber

City Developers Ltd

Launched DLF Mall of India, country‘s first

destination mall
2016

32
Year Milestone

2012 Launched an 8.3 km expressway project in

partnership with Haryana Urban
Development Authority (HUDA)

2008 Commenced operations at India‘s first luxury mall

2007 Became a listed company with an IPO of Rs.

9,045 crore (US$ 2.25 billion)

2003 Started development of DLF Cybercity,

Gurugram, Haryana

1996 Entered group housing projects

33
Year Milestone

1985 Started development of DLF City, Gurugram,

Haryana

1964 Developed 22 urban colonies in Delhi

1946 Founded by Chaudhary Raghvendra Singh

34
DLF Limited (Delhi Land & Finance) is Gurgaon based commercial real
estate developer. It was founded by Chaudhary Raghvendra Singh in 1946
and is based in New Delhi, India DLF developed residential colonies in
Delhi such as Shivaji Park (their first development), Model Town, 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.

Figure 6:DLF IT Tech Park (IBM Kolkata)

The company is headed by 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

35
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$440 million) and profits after
taxes of ₹15.1548 billion (US$210 million).

As of 31 March 2012, the company had 1,380 square feet of leased retail
space across the country. In 2013–14, it leased out 3 million sq ft of office
space in India.

In August 2011 a penalty of ₹6.3 billion (US$88 million) was imposed on

DLF by the Competition Commission of India (CCI) 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. DLF has paid part of the penalty,
and the matter is currently in the Supreme Court of India. In February 2015,
the CCI ordered its investigative arm to probe two more projects of DLF
in Gurgaon, namely, DLF Regal Gardens and DLF Skycourt.

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.

As a result, DLF decided to move beyond Delhi and focused on the suburb
of Gurgaon in Haryana. which had the potential for development of
residential and commercial properties. As DLF started to acquire land

36
under the leadership of Chairman K.P. Singh, Gurgaon embarked on a
period of rapid growth.

The land purchase program adopted a humane approach so that the sellers
do not feel short-changed. To this effect, DLF partnered with farmers so
that they also got a share in profits. DLF acquired and created a land bank
and then sold plots to buyers after demarcation. The profits from the sales
were subsequently shared with farmers, which encouraged more farmers
to come forward and partner with DLF.

A 58 crore deal was cancelled between DLF and Robert

Vadra by IAS officer Ashok Khemka.

Sponsorship

Figure 7: DLF IBM Kolkata (Tech Park)

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$28 million) for the 5-year sponsorship deal. The deal ended in the
2012 version of the season; wherein it was taken over by PepsiCo Inc. It is
now sponsored by Vivo and called Vivo IPL. DLF is also sponsoring the
2018-2022 I League.

37
Beyond Buildings

DLF-HUDA Expressway

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.[22] To create this infrastructure facility, DLF had
engaged Parsons Brinckerhoff for project management consultancy and
construction work had been awarded to IL&FS

38
Products offered

DLF Ltd is engaged in the business of colonization and real estate

development. The company operations span all aspects of real estate
development, from the identification and acquisition of land, to planning,
execution, construction and marketing of projects. It is also engaged in the
business of leasing, generation of power, provision of maintenance
services, hospitality and recreational activities, life insurance and retail
chain outlets. Its internal business includes development business and
rental business. The development business of the Company is involved in
the sale of residential spaces, select commercial offices and commercial
complexes. The company has a unique business model with earnings
arising from development and rentals. Its exposure across businesses,
segments and geographies, mitigates any down-cycles in the market. The
company has also forayed into infrastructure, SEZ and hotel businesses. It
operates in all aspects of real estate development, ranging from acquisition
of land, to planning, executing, constructing & marketing of project. The
group is also engaged in the business of generation and transmission of
power, provision of maintenance services, hospitality and recreational
activities.The business of DLF is organized on a SBU basis. The Homes
SBU caters to 3 segments of the residential market - Super Luxury, Luxury
and Mid-Income. The product offering involves a wide range of products
including condominiums, duplexes, row houses and apartments of varying
sizes.DLF Ltd was incorporated in July 04, 1963. The Company was
founded by Chaudhary Raghuvendra Singh. The company developed some
of the first residential colonies in Delhi such as Krishna Nagar in East
Delhi, which was completed in 1949.

39
Competitors

Indian Real Estate Market Leaders

1. Godrej Properties

2. Prestige Estates Projects Ltd.

3. OBEROI REALTY LIMITED.

4. DLF

5. SOBHA limited

Indian Real Estate Market News

May 2022: The Bengaluru-based Prestige Group is entering the

financial capital, Mumbai, and has plans to invest at least INR 7,500
crore (USD 9.06 billion) over the next four-five years to get a
foothold in the foremost realty markets in the country. It will
develop both residential and commercial projects in Mumbai.

October 2022: Realty major DLF plans to launch new projects worth
INR 3,500 crore (USD 4.23 billion) during the second half of this
fiscal year, mainly in Gurugram and Panchkula, as it seeks to tap a
rising demand. The company plans to launch around 3 million
square feet area across residential projects.

CHAPTER 3

40
 BUSINESS POLICY

DLF Business Model

DLF's primary business is development of residential, commercial and

retail properties. The company has a unique business model with earnings
arising from development and rentals. Its exposure across businesses,
segments and geographies. DLF has also forayed into infrastructure, SEZ
and hotel businesses. The DLF real estate management has got a business
model which enables seamless integration of real estate business model
owing to its business operation spanning across land, design, construction,
facilities and marketing.

These bouquet of services are managed by a team of professionals with

expertise spanning across these functions.

DLF‘s Business model mainly consist of two models:

Development Business

Annuity Business

Operations

Development Business: DLF‘s development business primarily

focuses on the development and sale of residential real estate which
include plotted developments, houses, villas and apartments of
varying sizes and integrated townships, with a focus on the high
end, luxury residential developments. The development business
also consists of certain commercial and shopping complexes,
including those that are integral to the residential developments
they are attached to.

41
DLF further splits the development business into three geographical
segments – Gurgaon, Super Metros and Rest of India. Each of these three
geographical segments are independently responsible and accountable for
all activities across the product value chain from acquisition of land,
obtaining approvals, project planning and execution, to launch, sales &
marketing and final delivery of the developed property to the customers.

Lease Business: The Company‘s lease business involves leasing of

its developed commercial and retail properties. One of the key
objectives of its lease business is to achieve returns from
investments in its portfolio properties within a targeted timeframe.
Another key objective is to achieve high occupancy rates for the
leased portfolio properties. DLF‘s lease business comprised
completed commercial and retail properties with Leasable Area of
23.8 msf, which yielded incomes of approximately 1,635 crores.

Hotels: DLF in the recent times is trying to exit non-core assets and
non-strategic businesses, hence it has divested a significant portion
of its interests in the hospitality business including its shareholding
in Adone Hotels and Hospitality Limited which held various
hospitality related land parcels. DLF entered into a share purchase
agreement to sell its entire 100% shareholding in
Silverlink which operates various properties under the ―Aman
Resorts‖ brand. However, The Lodhi, which is a hotel property
located in New Delhi, was not included in this sale and continued
to be owned and operated by DLF.

Insurance: DLF currently holds 74% equity stake in the joint

venture company with

42
U.S. Based Prudential International Insurance Holdings to develop,
promote, market and sell life insurance products in India. The joint venture
has completed about four and half years of operations and had 55 branches
in India and a team of 5,487 individual agents.

Wind Assets: DLF‘s wholly- owned subsidiary DLF Home

Developers Ltd. (DHDL) and Violet Green Power Private Limited
(Violet) entered into a business transfer agreement for transferring
of DHDL‘s undertaking comprising of 33 MW capacity wind
turbines situated at Rajasthan. DHDL has transferred its
undertaking comprising of 34.5 MW capacity wind turbines
situated at Tamil Nadu to Tulip Renewable Powertech Private
Limited (Tulip).

Modes of Revenue generation

DLF generates revenue mainly from the following modes:

Revenue from constructed properties (Rental income)

Sale of land and plots

Construction contracts

Power supply

Hospitality services and Recreational facility

43
Organizational Structure

Figure 8: Organizational Structure

Sales & Marketing efforts

Three sales & marketing departments are maintained for residential,

commercial & retail business lines by DLF. The company encourage
participation of former buyers or tenants in the new product launches and it
sells its properties to customers both directly and through brokers. Marketing
approach includes launch events, corporate presentation, web marketing.,
direct & indirect marketing, as well as newspaper & outdoor advertising. In
commercial & retail business lines, marketing is done through property
consultants & relationships with existing tenants. Approximately 120
brokerage firms market its properties. Most of the sale bookings are at project

44
sites, although sales are also made at the corporate offices. Sales teams have
positive & negative compensation incentives tied to their sales performance.
A client servicing team serves the customer from the booking process, through
to the transfer of property to the new owner. Relationships with various banks
& housing finance companies facilitate and provide convenient finance to
customers and also share some advertising costs.

The major marketing approaches adapted by the company are as follows:

Social Media Marketing

Mobile Marketing

Search Engine Optimization

Email Marketing

Display Advertisement

DLF Management Team

DLF has a strong management team running independent businesses, though

complementing each other in cases of opportunities of mixed land use. DLF's
mission is to build a world-class real estate development company with the
highest standards of professionalism, ethics and customer service and to
thereby contribute to and benefit from the growth of the Indian economy.

DLF is a family-centric firm, wherein the entire family of Mr. K.P. Singh is
involved in the business and they provide the necessary training to their family
members. Also, when it comes to recruitment of the management team, they

45
recruit highly qualified and experienced people. We can see that DLF plans to
be debt-free and the team has strategically planned a route to carry forward
the same. We can also see that during the GFC period, DLF was one of the
only few companies that were able to cope up with its effects. All this is
attributed to the competitiveness and the qualification of their management
team.

Corporate Governance: Structure of Board of Directors

46
 Figure 9: Financial & Informational Transparency

DLF has several committees to overlook the financial & informational

transparency of the firm and to ensure that all the standards are being followed
by various departments. The committee also overlooks the sharing of relevant
information with the concerned parties.

Stakeholders Rights

As per the CRISIL GVC Value 4, DLF has scored fairly well when it comes
to stakeholder rights. In terms of shareholder rights, company has scored high
signifying its commitment towards its shareholders. The company has a very
strict policy in place to prevent insider trading in accordance with SEBI
regulation. In terms of debt-holders and customers, company has score
Above Average signifying that it‘s doing fair but it needs to further improve.
In terms of suppliers, company has scored high signifying that it believes in
cordial relation with suppliers. Company is also involved in various CSR
activities and has completed all its projects at time, ascertaining high in terms
of society. However, the company will have to improve in terms of employee
rights as it has scored Below Average there.

Corporate Culture

DLF believes that the culture of an organisation is the DNA that plays a
significant role for its sustained growth and success and that the people of the
organisation play the most critical role in building this DNA.

Their foundation is embedded in their vision and values. This strong

commitment to their value system drives employee actions and decision

47
making. DLF strive hard to attain the highest levels of performance by
providing a work environment that is informal and safe. The company
encourages open and transparent communication that helps their employees
in understanding business priorities and enables them to contribute in building
a successful organisation.

The company look for lateral thinkers who can add value to their business and
processes; have an excellent teamwork ethic. and are driven to take the
organization and their own careers to new heights. They consider all three
elements to be equally important for the mutual growth and success of the
company and the individual. DLF create this mutuality of interest, not just
with salary compensations that match the best in the industry, but also with
rigorous training, counselling, and creation of opportunities to sharpen and
polish skills.

DLF provide a working environment that encourages excellence. In this age

of new technologies, company hope that sharing of information, finding better
ways to work and support each other, sets standards of personal and
professional conduct —all the while delivering products and services that
exceed customer expectations.

48
 ANALYSIS OF BUSINESS STRATEGY
DLF Marketing Strategy & Marketing Mix (4Ps)

Marketing Strategy of DLF analyzes the brand with the marketing mix
framework which covers the 4Ps (Product, Price, Place, Promotion). These
business strategies, based on DLF marketing mix, help the brand succeed in
the market. Let us start the DLF Marketing Strategy & Mix to understand its
product, pricing, advertising & distribution strategies:

DLF Product Strategy:

The product strategy and mix in DLF marketing strategy can be explained as
follows:

DLF is one the largest real estate companies in India. The main business of
DLF includes developing homes and commercial places. These comes under
its development business. Its products or in this its projects include: DLF
Homes, DLF Offices, DLF commercials, DLF Malls. All these are the product
strategy in the marketing mix of DLF. Its homes business is divided into Super
Luxury, Luxury and Premium segments. Even in all these segments it offers
multiple products like condominiums, duplexes and most importantly
apartments.

These are available in various sizes also. DLF‘s another business wing which
is annuity business deals with the rental business of corporate offices and
retail. Its commercial projects include malls and various IT SEZ buildings.
DLF is now also a major player in infrastructure building, its partnering with

49
governments in projects like building highways and flyovers. It also builds
recreation and leisure ventures.

Figure 10 :DLF Building

DLF Price/Pricing Strategy:

Below is the pricing strategy in DLF marketing strategy:

DLF has a unique model of making money, majority of their revenues come
from rentals and developments. As DLF are spread across segments and
geographies they follow different strategies for pricing in their marketing mix.

As DLF is into residential and commercial real estate it uses different prices
based on the area and they range from nearly 4000 per square feet to 15000
per square feet and more. As Its segments are more towards luxury and
premium its prices generally high for average Indian realty firm‘s charges.

50
DLF also charges its customers with any escalation charges which are a result
of change in commodity prices during the period of construction. In this way
it is protecting its margins. At the same time if the prices come down DLF
refunds the any extra money to its customers back. All this is done in a smooth
transition as everything is clearly specified in contracts.

DLF Place & Distribution Strategy:

Following is the distribution strategy in the DLF marketing mix:

DLF develops properties across the country like Delhi, Kolkata, Hyderabad,
Chennai and Bangalore. These properties include residential buildings like
apartments, row houses and gated communities. DLF also partners with major
IT firm s like Microsoft, GE, IBM and others in major cities like Hyderabad,
Chennai, NCR, Kolkata, Bangalore and Mumbai. DLF also involves in
recreational and leisure activity constructions and shopping malls in these
places.

DLF is also involved in construction business at Shimla, Kochi and Lucknow.

DLF Promotion & Advertising Strategy:

The promotional and advertising strategy in the DLF marketing strategy is as

follows:

DLF used many modes of marketing to increase its brand image. A 360 degree
branding approach is taken by DLF in its marketing mic promotional strategy.
DLF does many promotional activities from mass marketing to direct
marketing. DLF gives print advertisements in newspapers and magazines in
major cities. It also places hoardings at strategic locations where more

51
attention and time span can be drawn from the audience. Its direct marketing
includes sending the broachers and digital forms of constructions through
video and audio to prospective customers. DLF has partnerships with many
property brokers and consultants. It also has a good relation with some banks
who lend home loans. DLF created a huge leap in its branding when it became
the official sponsor of the Indian Premier League (IPL) cricket tournament in
India.

Since this is a service marketing brand, here are the other three Ps to make it
the 7Ps marketing mix of DLF.

People:

DLF employees nearly 11,500 employees in all of its construction process.

These include Engineers, Architect, customer support, legal and financial
team and construction workers also. DLF provides a very challenging roles
and responsibilities to its employees. It is very encouraging in communicating
and consulting with employees in regards to issues of health and safety. It
gives more emphasis on safety of employees and gives them training,
information and supervision to do the work more effectively and safely.

Process:

DLF has several business processes in place to increase its efficiency and
margins. has put in place all the industry best practises to make sure it works
with great operational efficiency and for the customer satisfaction. From
drawing up the contracts to delivering the property DLF has many checks and
balances to make sure it complies with all the legislative, regulatory and

52
statuary policies and requirements. DLF checks any risks involved in the
whole process of development and provides with the necessary measures.

Physical Evidence:

DLF headquarters at Delhi is a construction wonder and built with a very

grand architecture and design. DLF provides financial statements every year
and it is listed company in Indian stock exchange. The financial statements
include the company‘s plans for the future and its current performance.
DLF‘s logo of pyramid with nine triangles in black colour shows support,
interdependence and cohesion of the organization. It has a tagline called
‗Building India‘ suggesting its mission. Hence, this concludes the entire DLF
marketing mix.

About DLF:

Delhi Land & Finance, DLF is founded by Ragvendra Singh in 1946.

Currently Kushal Pal Singh is the chairman of DLF. Initially it concentrated
most of its projects in Delhi and Gurgaon region. Now it is India‘s largest
property developer with nearly 269 million square feet of development
potential. Currently 27 million square feet of land is under construction.
Krishna Nagar in Delhi is its first project completed in 1949. Now it is
developing residential and commercial projects as well. In 2007 DLF issued
Its initial public offering (IPO) and its worth $2 billion.

DLF Limited SWOT Analysis

DLF Limited is one of the leading brands in the real estate and construction
sector. DLF Limited SWOT analysis evaluates the brand by its strengths &

53
weaknesses which are the internal factors along with opportunities & threats
which are the external factors. Let us start the SWOT Analysis of DLF
Limited

DLF Limited Strengths

1. Largest real estate company in India

2. Its exposure across businesses, segments and geographies reduces the

impact of economic cycles

3. Experience of over many decades in Indian retail sector with an expertise

in the field

4. Strong management team

Above are the strengths in the SWOT Analysis of DLF Limited. The strengths
of DLF Limited looks at the key internal factors of its business which gives it
competitive advantage in the market and strengthens its position.

DLF Limited Weaknesses

1. Affected due to lack of regulations and effective policies

2. Majorly present only in India and limited global exposure

These were the weaknesses in the DLF Limited SWOT Analysis. The
weaknesses of a brand are certain aspects of its business which it can
improve.

54
 Figure 11: DLF Buildings

DLF Limited Opportunities

1. Reduction in interest rates

2. Tax incentives for housing investments

3. Shortage of houses in urban areas

Above we covered the opportunities in DLF Limited SWOT Analysis. The

opportunities for any brand can include prospects of future growth.

DLF Limited Threats

1. Increasing interest rates

55
 2. Economic downturn

3. Volatility in financial markets

The threats in the SWOT Analysis of DLF Limited are as mentioned above.
The threats for any business can be external factors which can negatively
impact its business.

56
PESTLE Analysis

A PESTLE analysis is a strategic management tool that helps businesses

assess and understand the external macro-environmental factors that could
impact their operations. DLF Limited, one of the largest real estate developers
in India, operates in a dynamic environment influenced by various factors.
Here's a PESTLE analysis for DLF:

1. Political Factors:

Government Policies: DLF's operations are significantly affected

by government policies related to real estate, land acquisition,
and urban development.

Regulatory Environment: Changes in regulations, such as zoning

laws and environmental regulations, can impact DLF's ability to
develop and sell properties.

2. Economic Factors:

Interest Rates: Fluctuations in interest rates can affect the demand

for real estate, as higher rates may deter potential buyers.

Economic Growth: DLF's performance is tied to the overall

economic health of the country. Economic growth typically leads
to increased demand for real estate.

3. Social Factors:

57
 Demographics: Changing demographics, such as population
growth and urbanization trends, can impact the demand for
different types of properties.

Lifestyle Changes: Shifts in consumer preferences and lifestyle

trends may influence the types of properties that are in demand.

4. Technological Factors:

Technological Advancements: Innovations in construction

technologies and smart building solutions can affect the
competitiveness of DLF's projects.

Digital Marketing: The use of digital platforms for marketing and

sales is essential in the real estate industry.

5. Legal Factors:

Land Acquisition Laws: Changes in laws related to land

acquisition can impact DLF's ability to acquire and develop land.

Environmental Regulations: Compliance with environmental

regulations is crucial, considering the impact of real estate
development on the environment.

6. Environmental Factors:

Sustainability: Increasing awareness of environmental issues may

lead to a higher demand for sustainable and eco-friendly
buildings.

58
 Climate Change: Extreme weather events and climate change
considerations can impact the design and construction of
buildings.

Analyzing these factors can help DLF identify opportunities and threats in the
external environment, enabling the company to make informed strategic
decisions. It's important to note that the real estate industry is highly sensitive
to external factors, and staying adaptable to changes in the macroenvironment
is crucial for long-term success.

59
Conclusion:

1. Political Stability: DLF should closely monitor political developments

and regulatory changes in the real estate sector. Engaging with
policymakers and actively participating in industry advocacy could
help navigate potential challenges.

2. Economic Resilience: Given the sensitivity of the real estate sector to

economic conditions, DLF should maintain financial flexibility and
adaptability to withstand economic fluctuations. Diversification of its
real estate portfolio across different segments may mitigate risks.

3. Social Trends: Understanding and responding to changing

demographics and lifestyle preferences are essential for DLF. The
company should conduct regular market research to align its offerings
with the evolving demands of consumers.

4. Technological Integration: Embracing innovative construction

technologies and incorporating digital marketing strategies can enhance
DLF's competitiveness. Investing in smart building solutions can also
cater to the growing demand for technologically advanced and
sustainable properties.

5. Legal Compliance: DLF should stay abreast of changes in land

acquisition laws and environmental regulations. Strict adherence to
legal requirements will not only prevent potential legal issues but also
contribute to the company's reputation and stakeholder trust.

60
6. Environmental Sustainability: Given the increasing emphasis on
sustainability, DLF should continue to incorporate eco-friendly
practices in its projects. This includes the use of green technologies,
energy-efficient designs, and compliance with environmental
standards.

61
Recommendations:

1. Strategic Partnerships: Collaborate with government bodies and

regulatory authorities to actively participate in the formulation of
policies that affect the real estate industry. Building strong relationships
with stakeholders can positively influence the business environment.

2. Diversification: Explore opportunities for diversification within the real

estate sector. This could involve expanding into different geographic
markets, developing a mix of residential and commercial properties, or
exploring emerging trends such as co-living or coworking spaces.

3. Innovation and Technology Adoption: Invest in research and

development to stay at the forefront of construction technologies and
trends. This can include the use of sustainable materials, smart home
technologies, and advanced project management systems.

4. Community Engagement: Foster a positive corporate image by actively

engaging with local communities. This can involve supporting
community development projects, addressing environmental concerns,
and ensuring that projects align with the needs and values of the
communities in which DLF operates.

5. Risk Management: Implement robust risk management strategies to

address economic uncertainties. This may include financial hedging
strategies, scenario planning, and contingency plans to navigate
potential downturns in the real estate market.

62
By incorporating these recommendations into its strategic planning, DLF can
position itself to thrive in a rapidly changing business landscape and continue
to be a leading player in the Indian real estate sector.

63
Screenshots of Data Procurement

64
65
66
67
Figure 12: Screenshots

68
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"CCI orders fresh probe against DLF". The Hindu. Retrieved 15 February 2015.

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"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

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 Glossary of Terms
1. Built-Up Area: The total area covered by the building, including walls.

2. Carpet Area: The actual area within the walls of the apartment or property that can
be used.

3. Super Built-Up Area: The total area including common areas such as the lobby, stairs,
etc., in addition to the carpet area.

4. FAR (Floor Area Ratio): The ratio of the total floor area of a building to the size of
the land on which it is built.

5. Freehold Property: Ownership of the property and the land it's on without any time
limit.

6. Leasehold Property: The right to use a property for a specified period, often subject
to paying ground rent to the freeholder.

7. Joint Development Agreement (JDA): A contract between a landowner and a real

estate developer to jointly develop a property.

8. Occupancy Certificate (OC): A document issued by the local authorities certifying

that the building is fit for occupancy.

9. Title Deed: A legal document proving ownership of a property.

10. Underwriting: The process of evaluating the risk of insuring a home, including the
quality of the construction and the likelihood of damage.

11. Escrow Account: An account where funds are held in trust while a real estate
transaction is being completed.

12. Easement: The legal right to use someone else's land for a specific purpose.

13. Appraisal: A professional assessment of the value of a property.

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14. Capital Gain: The profit made from selling a property.

15. Mortgage: A loan specifically used to purchase real estate, with the property itself
serving as collateral.

16. Pre-Approval: A lender's conditional agreement to lend a specific amount on

specified terms.

17. Housing Society: A group of individuals living in the same locality or apartment
complex.

18. Zoning: Regulations that control how land can be used in different areas.

19. Conveyance Deed: The document that transfers the ownership of a property from the
seller to the buyer.

20. Amortization: The gradual repayment of a mortgage by periodic installments.

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