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Company profile DLF

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Company profile DLF Limited (DLF) is a real estate development company in India. The Company is primarily engaged in the business of colonization and real estate development. DLF has approximately 425 million square feet of development across its businesses, including developed, on-going and planned projects. The Homes business unit involves a range of products, including condominiums, duplexes, row hoses and apartments of varying sizes. The company has 12 million square feet of retail projects under construction and owns land resource of another 92 million square feet for development in metros and other key urban destinations. DLF Commercial offers ready-to-move-in, as well as built-to-suit options in campus style development with landscaped greens, disaster management plan, integrated retail and recreation
Transcript
Page 1: Company profile DLF

Company profileDLF Limited (DLF) is a real estate development company in India. The Company is primarily engaged in the business of colonization and real estate development. DLF has approximately 425 million square feet of development across its businesses, including developed, on-going and planned projects. The Homes business unit involves a range of products, including condominiums, duplexes, row hoses and apartments of varying sizes. The company has 12 million square feet of retail projects under construction and owns land resource of another 92 million square feet for development in metros and other key urban destinations. DLF Commercial offers ready-to-move-in, as well as built-to-suit options in campus style development with landscaped greens, disaster management plan, integrated retail and recreation areas, and provision for amenities like gym, food court, health club, business centre and around the clock medical services. DLF Commercial Complexes Ltd is a part of DLF Limited.The DLF Group is a leading name in India's real estate industry. The Group's existing range of business verticals spanning across the homes, offices, shopping malls, and entertainment complexes reflects an expertise gathered over a period of six decades. The landmark office buildings, high-end and modern homes, shopping malls and recreational spaces like the DLF Golf and Country Club, India's first night Golf Course, all showcase the best standards in

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architectural plans, design layouts and quality of construction. The group is now venturing into SEZs, Hotels and Infrastructure, which in conjunction with the three existing verticals, will contribute towards 'Building a new India'.

The DLF group was founded in 1946 by Chaudhary Raghuvendra Singh. Together with its subsidiaries, joint ventures and associates the group is primarily in the business of real estate development. 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.

DLF has developed some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi, which was completed in 1949. Since then they have been responsible for the development of many of Delhi’s other well known urban colonies, including South Extension, Greater Kailash, Kailash Colony and Hauz Khas.

Following the passage of the Delhi Development Act in 1957, the state assumed control of real estate development activities in Delhi, which resulted in restrictions on private real estate colony development. They therefore commenced acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana.

This led to their first landmark real estate development project – DLF Qutab Enclave, which has now evolved into DLF City. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities.

DLF is India's largest real estate company in terms of revenues, earnings, market capitalisation and developable area, it is the largest real estate developer in India with 266 million square feet worth of developed and under development projects. In line with its current expansion plans, DLF has over 425 million sq. ft. of development across its businesses, including developed, on-going and planned projects. This land bank is spread over 32 cities, mostly in metros and key urban areas across India. Already a major player in locations across the country, DLF, with over six decades of experience, is capitalising on emerging market opportunities to deliver high-end facilities and projects to its wide base of customers by constantly upgrading its internal skills and resource capabilities.

With the growth of the Indian economy and the resulting increase in corporate and consumer incomes, as well as foreign investment, DLF sees significant opportunities for growth in its three primary businesses. 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.

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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. DLF has recently forayed into the infrastructure, SEZ and hotel businesses.

DLF’s office segment is one of the group's most admired verticals. Nearly 40 msf of ongoing projects forms a strong portfolio for DLF offices, having reached a mature delivery platform of 11-12 msf on an annual basis. Current land resource owned by DLF for development of offices across the country is 164 msf approximately.

With a booming retail environment on the horizon, this is a major thrust area for the Group and DLF is actively creating new shopping and entertainment spaces all over the country. The company has 12 mn sq. ft of retail projects under construction and owns land resource of another 92 msf for development in metros and other key urban destinations across the country. These include categories of prime downtown shopping districts, shopping centres and super luxury malls, amongst others.

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 is primarily a real estate developer, rated by many as India's largest. DLF has been in this industry for over 60 years now, and has developed celebrated homes, offices, malls, SEZs, hotels and infrstructure projects.

DLF had initially started off in New Delhi with Qutub Enclave, and then proceeded to build Gurgaon single handedly. Now, it has a pan Indian presence, with its properties being developed at almost all the Tier A & B cities of India.

While it's target clientele is almost always the HIG segment, DLF has now become a household name as the principal sponsor of the Indian Premier League (IPL).

The company’s business is spread across different divisions:

Office-Commercial Home-Residential Shopping Mall Retail SEZ's

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Hotels Infrastructure Leisure

Recently launched projects of the company:

Housing:

DLF Capital Greens, Shivaji Marg, Delhi Express Greens, Gurgaon The Belaire Gurgaon Green Estate, DLF Nandigama (Shamshabad Extn.), Hyderabad Westend Heights, BTM Bangalore Gardencity DLF OMR, Chennai Gardencity DLF New Indore, and many more

Commercial

DLF Cyber SEZ Gurgaon Building 14 DLF IT Park Gandhinagar DLF IT SEZ Chennai DLF IT SEZ Hyderabad DLF IT PARK-II Kolkata City Centre ,Chandigarh The Galleria Jallandhar, Punjab The Galleria Kolkata DLF Towers Banjara Hills, Hyderabad

Completed projects:

The Pinnacle, Gurgaon The Regency Park-II ,Gurgaon The Richmond Park ,Gurgaon DLF Exclusive Floors, Gurgaon The Silver Oaks, Gurgaon DLF Centre, Gurgaon DLF Gateway Tower, Gurgaon City Centre Shalimar Bagh, New Delhi, and many more

Achievements/ recognition:

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Business Leadership Awards K P Singh wins special NDTV Award. G.B. Pant University conferred an Honorary Degree of Doctor of Science to Mr. KP

Singh

Competitiors

CompanySales

(Rs.Million)Current

PriceChange (%) P/E Ratio

MarketCap.

(Rs.Million)

52-WeekHigh/Low

DLF 28225.93 321.35 3.28 136.87 538412.39 491/180

Unitech 18318.50 76.45 2.00 45.78 184373.36 118/34

DB Realty 2896.89 452.10 -0.45 43.23 110439.49 540/407

HDIL 17192.90 299.65 3.40 21.88 105176.79 411/92

IBull Real 450.28 156.35 2.90 483.60 62338.97 298/102

Anant Raj Inds 4137.78 138.00 1.47 17.74 40457.71 164/47

Ackruti City 4372.17 515.90 0.19 0.00 37757.19 634/326

Sunteck Realty 21.75 585.20 -0.03 666.25 36709.30 647/315

Godrej Properties Ltd. 1460.19 521.25 0.63 47.67 35623.50 587/447

Sobha Developers 9747.40 284.65 0.74 31.36 27654.01 320/84

Phoenix Mills 901.49 187.45 0.11 47.69 27100.58 227/73

Parsvnath Developers 7335.43 117.20 2.58 19.64 23032.09 151/39

Puravankara Projects 4449.04 108.40 2.99 19.65 22345.53 137/42

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IVRCL Assets & Hold 751.76 179.85 0.64 0.00 22188.64 212/31

Peninsula Land 5416.50 76.55 2.61 8.42 20968.01 101/24

Omaxe 6997.79 93.85 1.35 95.15 16089.66 137/49

MahLifeSc 1654.05 397.10 2.07 22.57 15754.37 425/137

Brigade Enterprises 3501.30 143.45 2.72 0.00 15647.92 187/36

Orbit Corporation 2835.35 293.15 7.05 13.69 15004.00 356/57

Ahluwalia Contr 11640.79 223.60 0.90 16.71 14140.40 226/34

MVL 1202.62 48.50 1.04 64.07 13088.96 69/12

Ansal Properties 6295.43 73.75 1.72 13.73 9019.17 89/25

BL Kashyap 14620.66 356.60 0.49 24.45 7307.50 516/134

Ajmera Realty&Infra 510.54 186.60 -3.69 29.85 6804.22 318/34

Ganesh Housing Corp 896.16 185.80 5.57 15.95 5714.78 183/39

J Kumar Infraproject 4064.61 199.15 -0.13 9.20 5597.77 223/41

Marg Ltd. 4629.90 185.45 0.79 7.89 5094.77 220/43

Marathon Nextgen 1050.43 395.15 3.71 4.56 4967.06 567/154

Shristi InfraDev Cor 876.88 212.90 4.98 0.00 4597.62 465/172

Kolte Patil Devp 1499.77 67.60 19.96 18.36 4302.43 76/22

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PVP Ventures 0.00 18.80 4.74 0.00 4158.00 60/10

JMC Projects 13089.85 200.45 8.44 11.15 4094.63 202/58

Vipul 4194.44 44.75 2.05 18.66 2657.66 81/24

Simp.Proj 2939.75 209.40 0.48 9.89 2583.08 255/46

Lancor Holdings 1351.05 106.90 -0.60 12.01 2213.33 129/18

Satra Properties 1058.80 14.31 0.35 0.00 2206.08 30/11

Ashiana Hsg 827.05 109.75 5.07 9.10 2006.61 135/30

Lok Hsg. & Constn. 213.92 40.15 10.00 0.00 1608.10 62/16

DS Kulkarni Devlp 1801.66 66.55 7.69 9.95 1591.92 88/23

Trinethra Infra Vent 476.25 44.25 3.27 35.77 1413.84 56/23

Prajay Engg.Syndicat 820.47 30.05 5.25 0.00 1401.59 53/15

KCL Infra Projects 90.18 54.55 2.35 215.69 1379.97 60/6

RDB Industries 272.27 117.35 1.56 27.16 1290.00 142/44

BSEL Infra 87.30 13.80 2.76 0.00 1131.85 28/10

Prime Prop. Dev Corp 875.80 56.60 4.72 20.09 1081.00 129/47

Ansal Hsg 2087.16 58.80 6.33 9.14 1034.37 78/20

Arihant Foundatn 1018.18 132.15 1.69 57.11 968.66 235/59

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Alch.Real 1015.61 13.35 3.01 89.36 963.31 22/11

Manjeera Constrn. 636.67 74.70 -1.58 13.40 949.39 104/50

Kamanwala Hsg Constn 581.65 62.60 19.92 0.00 815.99 74/22

Radhe Developers 3.75 3.19 2.24 0.00 795.68 11/2

Simplex Realty 1701.52 228.80 -0.85 3.82 690.26 400/141

Vas Infra. 0.00 49.80 4.95 0.00 618.77 61/6

Landmark Property 21.85 4.75 -0.63 117.47 611.69 11/4

CHD Developers 391.90 6.01 4.70 79.79 608.69 8/4

HB Estate 175.48 47.55 -5.00 5.18 608.14 82/24

Vijay Shanthi 149.37 44.40 9.90 20.51 520.44 56/13

Garnet International 27.39 108.85 4.97 0.00 501.56 106/17

Ansal Buildwell 1207.58 68.50 4.74 8.18 498.41 92/21

SSPDL 423.15 37.20 4.94 17.73 452.52 46/17

Link House Inds. 94.97 4.25 -3.41 38.32 436.48 7/3

Thakkers Developers 117.83 47.90 4.93 29.77 431.10 57/33

DMC International 6.05 17.75 0.00 28.83 405.80 30/2

Tirup.Sarj 330.06 67.15 4.92 13.61 390.07 65/10

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Asahi Infra 455.05 1.00 1.01 89.46 339.58 2/1

Bombay Potteries 0.00 2386.00 0.00 0.00 310.18 2386/2386

Saag RR Infra 358.48 19.85 -0.25 0.00 291.84 29/10

Eldeco Housing 1027.86 146.20 -0.88 4.91 290.07 180/50

Nila Infrastructures 442.80 2.06 3.00 3.33 248.92 3/1

Garnet Construction 5.80 17.90 5.29 0.00 232.17 28/10

Alpine Hsg Devp 318.34 29.90 2.93 16.32 214.06 47/11

CtryCondo 10.13 4.23 -1.86 163.78 213.83 10/2

Elnet Technologies 190.17 55.30 4.44 6.45 210.80 76/21

Fact Enterprise 9.92 39.40 4.93 4.43 186.77 46/18

TeleCanor Globa 26.96 32.00 4.92 12.75 185.77 47/13

Tribhuvan 13.94 18.20 9.97 0.00 182.24 31/9

Ritesh Properties 5.98 16.90 3.05 0.00 181.63 33/14

Narendra Properties 145.13 25.35 4.97 7.07 180.15 45/14

Proto Developers 907.35 1.13 2.73 4.52 155.46 2/1

Indo-Asian Projects 15.63 27.35 -4.87 0.00 150.03 44/29

Navkar Builders 7.02 14.75 4.98 27.83 141.94 32/7

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Le Waterina Resorts 4.01 25.65 4.91 0.00 138.90 50/15

Martin Burn 26.00 30.00 3.81 14.18 127.27 47/15

Hazoor Multi Project 206.09 4.87 4.96 0.00 117.74 8/4

Shri Krishna Devcon 2.37 16.04 4.97 388.68 111.55 23/12

Prerna Infrabuild 21.32 18.25 2.53 0.00 108.09 22/10

SteStrInf 29.25 12.87 4.98 0.00 105.96 23/5

NCJ Intl. 170.07 12.70 4.96 13.85 90.00 19/9

Rajeswari Infrastruc 100.98 16.15 0.00 16.70 89.32 25/8

Ster.Gree 94.76 16.75 7.23 0.00 69.11 66/13

Venus Power Ventures 143.39 12.29 4.68 4.25 66.82 86/10

Amrap.Dev 0.00 9.81 -3.82 0.00 58.27 13/3

Matra Realty 11.21 4.90 4.93 0.00 57.31 11/2

Rander Corporation 2.99 10.25 -4.21 0.00 51.12 11/4

Maruti Infra 12.00 9.72 -0.31 88.64 50.00 16/3

KMF Builders 0.00 6.86 4.89 13.65 48.76 11/6

Rainbow Foundation 81.80 8.82 5.00 59.22 48.63 11/4

Regaliaa Realty 5.29 9.70 -4.90 0.00 34.92 10/5

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Shukun Construction 20.84 0.64 -1.54 301.91 33.21 1/0

Nucent Estates 3.79 2.35 -4.86 35.36 32.43 3/2

VISION, MISSION & VALUES 

DLF VisionTo contribute significantly to building the new India and become the world’s most valuable real estate company.

DLF MissionTo 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

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Compliance and respect for all community, environmental and legal requirement.

CHAIRMAN'S PROFILE Dr. Kushal Pal Singh, popularly known as K. P. Singh, is the Chairman of the Board of DLF Limited, India's largest real estate company with a pan India presence in over 30 cities across 18 States. Dr. Singh is widely recognized across the world for his path-breaking and visionary contributions to the building of modern India through his pioneering role as a real estate developer and corporate leader who has transformed the urban landscape of the country by setting new standards in the housing and urban development scenario and creating world

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class infrastructure to attract unprecedented levels of foreign and domestic investment inflows, generating new employment opportunities and changing lifestyles. .

Born on August 15, 1931, Dr. K.P. Singh pursued Aeronautical Engineering in UK, after graduating in Science and was subsequently selected to the Indian Army by British Officers Services Selection Board, UK and thereafter commissioned into a renowned cavalry regiment of the Indian Army. In 1960, he joined American Universal Electric Company and soon after its merger with DLF Universal Limited in 1979, he took over as the Managing Director.

AWARD & RECOGNITIONS 

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Recipient of Padma Bhushan Award, conferred by the Government of India on 26 January 2010. 

An internationally renowned magazine, Forbes, known for ranking world's billionaires, in its issue of March 24, 2008, has ranked Dr. K.P.Singh as the richest real estate baron and the eighth richest person in the world, at a net worth of US$30 billion. 

Awarded with "The Samman Patra Award" for being one of the top tax payers of Delhi region in fiscal 2000 by the Government of India. 

Recipient of the Delhi Ratna Award by the Government of Delhi for his valuable contribution towards the development of Delhi. 

In recognition of Dr. Singh's contribution towards the growth of Indian economy, NDTV, a well known media house, has conferred Dr. Singh with a Special Award at the Indian of the Year Award function held on January 17, 2008 in New Delhi

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DLF was chosen as the leader in the 'Building & Construction - Real Estate' category, in the 2nd NDTV Profit Business Leadership Awards held in New Delhi on July 27 2007. This award reaffirms DLF's leadership position and underlines the contribution made by DLF in the real estate sector.

Mr. K.P.Singh has won the NDTV Special Award in Business. At a glittering awards function at the Taj Palace on January 17, the DLF chairman was among a galaxy of eminent personalities to be honoured for their contributions in various fields, ranging from business and politics to sports and films.

G.B. Pant University Of Agriculture & Technology conferred an Honorary Degree of Doctor of Science to Mr K P Singh in the April '08, in recognition of his

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invaluable contribution in the field of Business Administration.

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LOGO OUR 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

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vision. It is an intrinsic reflection of the Group’s commitment and its 60-year heritage.

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MILESTONES

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Balance sheet

  Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05Sources of fundsOwner's fundEquity share capital 339.44 340.96 305.88 37.77 3.51Share application money - - - - -Preference share capital - - - - -Reserves & surplus 12,035.39 10,928.19 346.92 607.16 380.42Loan fundsSecured loans 7,979.97 4,945.91 6,242.81 3,010.93 630.15Unsecured loans 1,635.00 3,440.49 526.48 2.99 2.95Total 21,989.79 19,655.55 7,422.10 3,658.85 1,017.03Uses of fundsFixed assetsGross block 1,968.40 1,533.72 365.58 108.91 98.80Less : revaluation reserve - - - - -Less : accumulated depreciation 152.87 59.34 37.01 29.24 26.79Net block 1,815.52 1,474.37 328.57 79.67 72.00Capital work-in-progress 1,657.73 1,781.79 665.03 456.73 406.63Investments 2,956.32 1,839.83 769.17 1,397.28 173.82Net current assetsCurrent assets, loans & advances 18,718.62 18,345.94 9,442.25 3,092.12 1,710.39Less : current liabilities & provisions 3,158.40 3,786.38 3,782.93 1,366.95 1,345.82Total net current assets 15,560.22 14,559.56 5,659.32 1,725.17 364.57Miscellaneous expenses not written - - - - -Total 21,989.79 19,655.55 7,422.10 3,658.85 1,017.03Notes: Book value of unquoted investments 2,956.32 1,808.92 758.98 1,397.28 173.82Market value of quoted investments - 30.92 10.19 - -Contingent liabilities 4,875.99 3,047.92 3,818.81 1,643.36 502.91Number of equity sharesoutstanding (Lacs) 17048.33 17048.33 15294.21 377.68 35.08

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  Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Joint Ventures

Laing O'Rourke- UK based construction company credited with construction of Dubai International Airport, London's Millennium Tower, etc, will construct all DLF's landmark projects. Together DLF-Laing O' Rourke shall build the expressways, ports and other megastructures of India's new economy.

Nakheel of Dubai are partnering with DLF for developing townships in India.

WSP Group Plc is also partnering DLF, providing Management and consultancy to the built and natural environment.

Feedback ventures, is providing consultancy for faster project execution to DLF.

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DLF has also tied up with Hilton Hotels to jointly develop hotels in India.

Sponsorship

DLF is currently sponsoring Indian Premier League (IPL), a Twenty20 format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years

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Net income ▼ US$ 1.97 billion (FY 2009)

Total assets ▼ $9.87 billion

Owner(s) KP Singh and family (78%)

Website www.dlf.in

STRATEGYOur mission is to build a world class real estate development company specializing in residential, commercial and retailreal estate development and also encompassing the development of SEZs, infrastructure, multiplex cinemas and hotels.We aim to achieve the highest standards of professionalism, ethics and customer service and to thereby contribute to andbenefit from the growth of the Indian economy. The key elements of our

business strategy are as follows:

Increase our Land Reserves in strategic locationsWe recognize that continuing to build our Land Reserves is critical to our growth strategy and we intend to continue acquiring land across India for our projects. We have identified and acquired land in and around 31 cities which we believe is suitable for our residential and commercial projects and are in the process of acquiring the land to facilitate our growth strategy. In respect of our retail business, we intend to identify and acquire land in 60 cities across India. We believe that our cash reserves, sanctioned loans and sales receivables are sufficient to finance the balance due in respect

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of our Land Reserves, which amounted to approximately Rs. 4,395.6 crore as of April 30, 2007.

Expand into hotel development We recently entered into a joint venture with Hilton, a leading US- headquartered global hospitality company, to set up achain of hotels and serviced apartments in India. We intend to enter into joint ventures with other leading hotelcompanies to develop hotels in the budget, business, four star, five star and deluxe segments. We believe that the hotelbusiness will complement our existing business and that there will be opportunities to situate our hotels in or close to ourother developments such as commercial centers, IT parks and shopping malls. We also plan to develop other tourism andleisure related assets. We intend to use our existing real estate capabilities as well as our joint venture company, DLFLaing O.Rourke, to develop these assets.

Expand our operations in multiplex cinema development and operations through DT Cinemas

In response to India.s rising disposable incomes and a rapidly growing middle class, we intend to expand our multiplexcinema business to provide for the highest cinematic standards and to become the preferred multiplex cinemadestination. We intend to achieve this strategy by capitalizing on our position as one of India.s leading developers ofmalls, where we intend to develop and operate our multiplex cinemas.

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Enhance our design and construction capabilitiesWe intend to further improve the quality of our real estate developments and the time taken to bring them to market. We plan to outsource a substantial part of the design and construction activity related to our projects to the WSP and DLF Laing O.Rourke joint ventures, respectively. We will also seek to collaborate with leading international real estate developers so as to benefit from their experience and know-how. For example, in November 2006, we signed a memorandum of understanding with Nakheel, a leading real estate developer based in the Middle East, to develop through a 50:50 joint venture, two projects in Gurgaon and South Maharashtra/Goa. We believe these joint ventures and collaborations will enable us to improve the construction quality of our developments, embark on more complex and ambitious projects and enable our management to focus on the development rather than the construction of our projects.These joint ventures also give us access to the latest advances in design and construction techniques, which will shorten the time taken to complete projects within our existing business lines as well as our proposed ventures. We will also benefit from the use of advanced architectural techniques and construction materials, so as to create innovative, environmentally friendly and profitable developments.

GENERAL INFORMATIONRegistered Office of our CompanyDLF LimitedShopping Mall, Third FloorArjun MargPhase-I, DLF CityGurgaon 122 002Haryana, India.

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Our Company is registered at the office of the Registrar of Companies, National Capital Territory of Delhi and Haryana,located at Paryavaran Bhawan, CGO Complex, Lodi Road, New Delhi 110 003, India.The registration number of our Company is H-2484.The head office of our Company is located at DLF Centre, Sansad Marg, New Delhi 110 001, India.

Board of DirectorsThe following persons constitute our Board of Directors:1. Mr. K.P. Singh, executive Chairman;2. Mr. Rajiv Singh, Vice Chairman;3. Mr. T.C. Goyal, Managing Director;

OUR PROJECT EXECUTION METHODOLOGYWe have established a systematic process for land identification and acquisition, project execution and the sales andmarketing of our completed developments.

Land identification and acquisition

Our land acquisition team monitors real estate markets and emerging trends. The team assesses selected markets toidentify cities and localities with development potential. In addition, we have a good working relationship with majorexternal property consultants who provide information regarding future development areas and availability. We alsowork closely with several large local land or property dealers who are instrumental in locating suitable plots. The initialassessment and selection of the land involves a detailed assessment of the plot with a focus on the land.s developmentpotential and location. After we conduct a preliminary land title evaluation and the land title is reviewed by local

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lawyers, a preliminary agreement is entered into with the landowners for the purchase of the land. Following titleclearance, we either acquire the land or enter into a joint development agreement with the owners.

Project planning and executionThe project planning and execution process commences with the obtaining of requisite regulatory approvals, includingenvironmental approvals and the development of a project concept based on the area.s marketability, target customersand potential return. After a detailed review of the site parameters, we formalize an architectural brief based on theproject concept which is subsequently finalized with selected architects and other external consultants. We closelymonitor the development process, construction quality, actual and estimated project costs and construction schedules.We endeavor to maintain high health and safety standards in all of our real estate developments.

In order to ensure the high quality of our projects, we have entered into a series of memoranda of understanding andagreements with leading design and engineering, construction and project management companies.

SAFETY MEASURESWe have implemented a number of precautionary measures for the safety of our customers while undertaking thedevelopment of various projects, including the following:

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The structural design and construction of our buildings are carried out in accordance with the relevant provisions of National Building Code, applicable building by laws, as stipulated by the Bureau of IndianStandards.

The buildings are designed and built for the prevalent appropriate seismic loads, all dead loads and live loads, and wind pressure. In all cases, normal strengthening is provided in the designs of buildings to resist distress during an earthquake.

To ensure fire safety in the buildings, we comply with the applicable statutory fire safety standards as stipulated by the National Building Code involving provisions of fire detection and fire fighting equipment, including fire alarm systems, wet riser systems, sprinkler systems, smoke detectors and fire doors. Moreover, fire escape stairs or ramps, are provided for evacuation. We also organize periodic fire safety and evacuation mock drills at our projects at regular intervals to improve fire safety awareness. Additionally, inspections of our fire safety systems and equipment are undertaken at regular intervals to ensure their operational effectiveness.

To ensure safety against flooding, suitable design measures are adopted, including the provision of storm water drainage systems, drains in basements connected to collection sumps with sump pumps, and raised plinth levels in the buildings.

All buildings are insured.

INSURANCE

We maintain comprehensive insurance coverage with ICICI Lombard for all of our projects. Our insurance includes coverage for fire, cash transfer, cash handling, fidelity, work in progress, raw materials, accident and general insurance.We do not have coverage for contractor.s liability, timely project completion, loss of rent or profit, defects in the quality of materials used or consequential damages

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for a tenant.s lost profits. In addition, we maintain directors. and officers liability insurance.

COMPETITIONThe real estate development industry in India, while fragmented, is highly competitive. We expect to face competition from large domestic as well as international property development and construction companies as a consequence of, among other things, the relaxation of the FDI policy for the real estate sector, rising government expenditures on infrastructure and various policy initiatives for the development of SEZs. Moreover, as we seek to diversify our regional focus, we face the risk that some of our competitors may be better known in other markets, enjoy better relationships with landowners and international joint venture partners, gain early access to information regarding attractive parcels ofland and be better placed to acquire such land.Our competitors include real estate developers such as Unitech Limited, Hiranandani Developers Limited and the Raheja Group. We also expect to face competition in our new businesses from, among others, established construction firms, hotel companies and various other business groups.


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