The History of DLF City, Gurgaon
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. 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. 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.