INTRODUCTION

DLF Limited (Delhi Land & Finance) is the largest commercial

real estate developer in India. 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), 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.

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 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$490 million) and profits after taxes of ₹15.1548 billion
(US$240 million).
As of March 31, 2012, the Company had a 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$100 million) was
imposed on DLF by the Competition Commission of India (CCI)[10] 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.
 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 some in the 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 zeroed in on the

suburb of Gurgaon in Haryana, 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.

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

Company History- major events in chronological order for DLF Ltd.

YEAR EVENTS 1963 Incorporation of American Universal Electric (India) Ltd

1979 DLF United Limited amalgamates with American Universal Electric (India)
Limited to form DLF Universal Electric Limited

1981 DLF Universal Electric Limited changes name to DLF Universal Limited
1981 DLF Universal Limited obtains its first licence from the State Government
of Haryana and commences development of the 'DLF City' in Gurgaon, Haryana

1985 We initiated plotted developments, self first plot in Gurgaon, Haryana.

Consolidate the development of DLF City for township development.

1991 Construction of our first office complex, 'DLF Centre', at New Delhi

1993 Completion of our first condominium project, 'Silver Oaks', at DLF City,
Gurgaon, Haryana

1996 Construction of 'DLF Corporate Park', our first office complex at DLF City,
Gurgaon, Haryana.

1999 Development of the DLF golf course

2000 - The Scheme of Merger/Amalgamation of DLF Industries Limited with

M/s. DLF Universal Ltd., which was approved by the Hon'ble High Court of
Delhi at New Delhi and by the Hon'ble High Court of Punjab and Haryana at
Chandigarh came into effect on 09.10.2000.

2002 We venture into retail development in Gurgaon, Haryana

2002 We offer integrated family entertainment centers with the commencement

of operation of 'DT Cinemas' at Gurgaon, Haryana

2003-04 Development of 'DLF Cybercity', an integrated IT park measuring

approximately 90 acres at Gurgaon, Haryana.
2005 * Acquisition of 16.62 acres (approx) of mill land in Mumbai * Received
'Corporate Buildings Award' instituted by 'Indian Architect and Builder', a
publicationof Jasubhai Media Group, Mumbai * Received 'Superbrand' award
from Hon'ble Minister for Civil Aviation, Mr. Praful Patel.

2006 Construction joint venture signed between DLF Universal Limited and U.K.
based Laing O'Rourke Plc to form DLF Laing O'Rourke (India) Limited

2006 DLF Universal Limited changes name to DLF Limited

2006 Alliance agreement signed between DLF and Hilton International Co. to
incorporate a joint venture company in India to develop, own and acquire 50 to
75 hotels and services apartments.

2006 DLF enters into a joint venture with WSP Group Plc. for the purposes of
providing engineering and design services, environmental and infrastructural
facilities and also project management services.

2007 DLF enters into a joint venture with Prudential Insurance to establish a joint
venture company to undertake life insurance business in India.

DLF launches $2 bn issue.

The US-based Hilton Hotels Corporation has declared that it will develop 10 hotel
projects in the country in alliance with DLF Ltd.

Company has changed its name from DLF Universal Ltd. to DLF Ltd. 2008

DLF inked a memorandum of understanding with the infrastructure company

Gayatri Projects Ltd (GPL) to develop roads, highways and bridges across the
country.
 DLF Ltd and the Tamil Nadu Industrial Development Corporation (TIDCO)
have forayed into an alliance agreement for a Rs 1,500-crore Information
technology Special Economic Zone (SEZ).

Commences operations of India's first Luxury Mall - Emporio Clinches the Title
Sponsorship of IPL

2009

DLF Ltd launched Capital Greens, the Largest private sector residential project
in Delhi.

Foundation stone laid for DLF-IL&FS Metro In Gurgaon - India's first public rail
trasport system to be built & run by a private Company

DLF conferred "Best Global Developer Award, 2009" by Euromoney

DLF sells DT Cinemas, enters into a long term strategic alliance with PVR

2010

DLF Ltd Launched plots in Gurgaon after a decade, creating a new suburb-'New
Gurgaon'

DLF Ltd announced the launch of the first phase of its 200-acre project in
Panchkula with an investment of nearly Rs 2,200 crore.

DLF launching ultra-rich homes in Shimla and Goa

DLF, Country's largest realty firm, has sold 150 plots, garnering over Rs 500
crore, in a township project at Gurgaon. DLF launched a 100-acre township
'Alameda' in Gurgaon.

2011

DLF Ltd Delivered Delhi's first Automated Car Parking in Sarojini Nagar. -DLF
Pramerica Life Insurance, the insurance arm of India's largest realty developer,
DLF announced that it hired over 3,000 additional financial advisors in 2010-11
for boosting its sales and growth. The insurance firm's workforce grew from
2,115 in 2009-10 to 5,119 in 2010-11.

DLF Ltd has decided to sell off the property in Gurgaon as an effort to minimise
the debt of the company, which stood at Rs 21,524 crore as on 30 June 2011.

DLF's arm DLF Hotel Holdings Ltd acquires 26% stake from Aro Participation
Ltd and Splendid Property Company Ltd, affiliates of Hilton International
Company.

India's largest real estate developer, DLF Ltd along with its JV partner Hubtown
have sold 100 per cent of their respective share holding in DLF Ackruti Info Parks
to private equity fund, Blackstone for Rs 810 crore.

2012 -DLF Ltd Marks footprint in Infrastructure.It has Launched an 8.3km

expressway project in Gurgaon and delivered Delhi's second Automated Car
Parking in Connaught Place, New Delhi. -DLF sells hotel subsidiary as divested
its entire shareholding in Adone Hotels and Hospitality Limited for Rs 567 crore.
-DLF LTD seeks association in the latest upcoming trends in sports and games,
the country's largest realty firm DLF has exited the five year long alliance as IPL
sponsor. -DLF LTD along with its three wholly-owned subsidiaries - i) DLF
Cyber City Developers Ltd., ii) DLF Universal Ltd. and iii) Jawala Real Estate
Pvt. Ltd. (‘Jawala’), have entered into an agreement with Lodha Developers
Limited (‘Lodha’) for divesting the entire stake of the Company, DLF Cyber City
Developers Ltd. and DLF Universal Ltd. in ‘Jawala’ for an enterprise value
estimated to be Rs. 2700 crores. -DLF LTD promoter Pia Singh offloads 1.04-cr
shares in DLF to other promoters. -DLF inks definitive agreement to sell
Amanresorts for $300 mn.

2013 -DLF enters into a contract with BLP Vayu to transfer 150 MW wind turbine
-DLF Ltd has inked a definitive Business Transfer Agreement with Goyal MG
Gases Private Limited -DLF Ltd, has completed the sale of its 74 per cent stake
in the insurance joint venture with Prudential Financial, Inc. of USA to Dewan
Housing Finance Corporation Limited (DHFL) & its group entities

2014 -DLF Ltd has informed that a judgement was passed by the Hon'ble Punjab
and Haryana High Court in a writ petition filed before it challenging the
acquisition by Haryana Government with respect to 350 acres of land in
Wazirabad Village, Gurgaon

2015 -DLF Ltd - DLF Home Developers Ltd. (DHDL), a wholly-owned

subsidiary of DLF Ltd , and GIC, Singapore's sovereign wealth fund, have entered
into a joint venture to invest in two upcoming projects located in Central Delhi. -
DLF gets Rs 1992 cr from GIC from stake sale in 2 projects -DLF Ltd is pleased
to announce that its Mall complexes in Delhi & Gurgaon are the first in the
country to receive the prestigious Five Star rating from British Safety Council

2016 -DLF gains as Sebi gives FPIs green signal to invest in REITs -DLF receives
Residential Property of the Year award -DLF receives Best Luxury Residential
Development

OVERVIEW OF DLF
DLF has nearly 70 years of track record of sustained growth, customer
satisfaction, and innovation. The company has 235 msf of development potential
with 19 msf of projects under construction.

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, mitigates any down-cycles in the market. From developing 22 major
colonies in Delhi, DLF is now present across 15 states-24 cities in India.

Development Business
The development business of DLF includes Homes and Commercial Complexes

The Homes business caters to 3 segments of the residential market - Super

Luxury, Luxury and Premium. The product offering involves a wide range of
products including condominiums, duplexes, row houses and apartments of
varying sizes.

DLF is credited with pioneering the concept of developing commercial

complexes in the vicinity of residential areas. DLF has successfully launched
commercial complexes and is in the process of marking its presence across
various locations in India.

The development business at present has 189 msf of development potential.

Annuity Business
The annuity business consists of the rental businesses of offices and retail

DLF is a name synonymous with global standards, new generation workspaces

and lifestyles. It has the distinction of developing commercial projects and IT
parks that are at par with the best in the world. DLF has become a preferred name
with many IT & ITES majors and leading Indian and International corporate
giants, including GE, IBM, Microsoft, Canon, Citibank, Hewitt, WNS, Bank of
America, Cognizant, Infosys, CSC and Symantec, among others.

DLF pioneered the retail revolution in the country and brought about a paradigm
shift in the industry by redefining shopping, recreation and leisure experiences.
DLF's retail portfolio includes India’s first luxury mall DLF Emporio, Premium
malls - DLF Promenade (Vasant Kunj, Delhi), DLF Place (Saket, Delhi), DLF
City Centre (Chandigarh) and DLF Cyber Hub (Gurgaon). The latest addition to
this marquee portfolio is Mall of India - which is India’s largest destination mall.
DLF continues to actively create new shopping and entertainment spaces all over
the country.

The company currently has land resource of 46 msf for office and retail
development.

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.

Environmental policy
Protecting our shared environment
Protecting our shared environment is of fundamental importance to all of us at
DLF. We recognise the positive impact we can make in protecting and adding to
the environmental richness including the natural resources (water, air, energy and
raw materials) and bio-diversity of the ecosystem we operate in. We believe this
not only makes sound commercial sense for business sustainability, it is also a
matter of delivering towards future generations for sustainability.

INCOME
DLF has about 25 million sq ft of leased office space spread across Gurgaon,
Hyderabad, Kolkata, Chandigarh and Chennai, which generates a rental of about
Rs 1,950 crore every year and supports Rs 45,000 crore of the company's debt.
DLF has leased office space to Samsung and about 1 lakh sq ft office space to
some other companies, including Executive Centre and Corporatedge office
facilities.
 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$32 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- HUDA EXPRESSWAY
Haryana Urban Development Authority (HUDA) and DLF, in 50: 50 cost sharing,
has commenced the work for 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 will substantially improve traffic management in the
city.[24] To create this infrastructure facility, DLF has engaged Parsons
Brinckerhoff for project management consultancy and construction work has
been awarded to IL&FS.

DLF ETHOS
The pyramid symbol and the mission line 'Building India' is collectively referred
to as the DLF Logo.

The company's name is represented in black capital letters. The typeface

represents the solidity of the enterprise; emphasizes accountability, responsibility
as being a strong and integral part of the Group's ethos.

The pyramid depicts nine smaller pyramids each composes itself into a larger
pyramid all-encompassing in nature and presentation. The pyramid itself and the
component pyramids convey cohesion, interdependence, support and foundation,
to a common purpose and to achieve greater heights.

The words BUILDING INDIA is in capitals like the company's name, and at once
conveys DLF's mission and vision. It is an intrinsic reflection of the Group's
commitment and its 60-year heritage.
 OUR VISION

DLF is a global seed and plant breeding company which adds value
to customers and end users through leading edge research and product
development. DLF employees are characterized by a high level of competency,
passion, and commitment. Together with an entrepreneurial mind-set and a flat
organization, this contributes to DLF’s unique agility.

DLF MISSION
To build world-class real-estate concepts across six business lines
with the highest standards of professionalism, ethics, quality and customer
service.
DLF Values
 Sustained efforts to enhance customer value and quality
 Ethical and professional service
 Compliance and respect for all community, environmental and legal
requirements.
 VALUE PROPOSITION

 Multi business, multi segments across geographies, mitigating cycles in the

business
 A mix of development earnings and rental/ incremental earnings
 High quality Zoned land resource with development potential for more
than ten years
 Strong execution strengths based on deep long term relationship with
companies like shapoorji, etc. and partnership such as LOR, WSP etc.

CORPORATE STRATEGY

 Business organized on vertical basis: home, office, retail, hotels,

etc. each independent of the other
 Same structure is followed not only at the corporate level but flows
down to the regional/ local level
 DLF at the corporate level, plays the role of an aggregator of
business where stiff, competing interests of different SBUs and
business get aligned, resulting in sum of parts being worth more
than parts
 Going forward, DLF plans monetize subsidiaries/ assets to unlock
the embedding value
 With core business reaching stable operating performance, focus is
to aggressively ramp up new business like hotel, infrastructure,
SEZs, etc.
DLF’s CORE BUSINESS

DLF

EXECUTI
NEW BUSINESS INVEST
CORE BUSINESS ON
MENTS
ENABLE
RS

HOME OFFICE RETAIL HOTELS SEZ’s INFRASTRU-

CTURE
SPECIAL ECONOMIC ZONE
MUMBAI/BANGALORE: DLF , India's biggest real estate
developer, has put on the block the second phase of its under-construction IT
special economic zone project in Pune's Hinjewadi for an anticipated Rs 250
crore , a move in line with the company's strategy to pare its debt by exiting non-
core projects and businesses.

The developer has started negotiating with private equity firms

and local developers for selling the 29-acre project which has a built-up area of
2.9 million sq ft, barely a week after it sold its 74% stake in a life insurance joint
venture, three persons close to the development told ET. DLF and its JV partner
Hubtown have already sold the completed 1.8-m sq ft first phase of the project
to Blackstone for Rs 810 crore.

"As the project is still under construction and tenancy

agreements are yet to be entered into, the valuation for the second phase of
Pune SEZ will be lower than the completed and leased-out first phase, which was
sold to Blackstone," said one of the persons, who did not wish to be named. "The
developer is looking to conclude the transaction by the end of the year."
BUSINESS MODEL OF DLF
DLF, India’s largest real estate company, might go for a new
business model, under which it will build and complete residential projects
before selling units. The company may go ahead with this plan after promoters
K P Singh and his family completes the sale of their 40 per cent stake in the
company’s rental arm, DLF Cyber City Developers, to institutional investors for
Rs 12,000-14,000 crore goes through, The Economic Times reported.

Quoting people close to the developments, the report said the

company's development arm would look into the new business model. Initially,
it will do this for already launched projects; the same strategy could be applied
to new launches. Global players like GIC, Blackstone, Abu Dhabi Investment
Authority (ADIA), Qatar Investment Authority (QIA) and Canada Pension Plan
Investment Board (CPPIB) have shown interest in the plan, the report added.

However, the new strategy might add more stress to DLF’s balance
sheet and it will have to take on debt again to develop these properties. In its
already launched projects, DLF has an unsold apartment inventory of around Rs
15,000 crore.

The development comes days after reports said DLF’s promoters

would reinvest a significant part of the amount raised through the sale of the
rental arm into DLF to cut the rising debt. As of now, promoter stake in DLF
stands at 75 per cent. The rental business accounts for annual income of about
Rs 2,400 crore.

Bloomberg data showed as of March, the net consolidated debt of

DLF was Rs.21,600 crore, with operating cash flows insufficient to service and
cut debt.

DLF MARKETING PROMOTION

Product:
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 governments in
projects like building highways and flyovers. It also builds recreation and leisure
ventures.
Price:
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. 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.

Place:
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.
Promotion:
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 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.

SEGMENTATION, TARGET AND POSITIONING

DLF has spread its tentacles plan India covering almost all the cities
 Targets;
 For home- luxury middle class & upper class
 For retail- tie ups with big retail company for malls
 For office- tie up mammoth companies
 DLF has positioned its self as coveted brand in the field of real estate