The coming year marks a milestone in our company's history as a pioneer in the fi eldof real estate development. It was 70 years ago that our revered founder Late Ch.Raghvendra Singh displaying extraordinary entrepreneurial courage and vision venturedinto the housing and urban development business.
As we look back we can justifiably take pride in our consistent track record over thepast seven decades of providing quality real estate products and our pioneering role inthe building of modern India. In the years ahead DLF will remain committed to continuingto strive for excellence by providing world class housing and innovative andtechnologically advanced urban infrastructure.
The immediate past has undoubtedly been a challenging period for the country's economyand the real estate sector in particular has been constrained by a variety of factors suchas sluggish demand liquidity constraints regulatory pressures and customer activism.Your Company has been able to tide over the lean period adopting bold and innovativestrategies and certain crucial decisions.
The outlook for the year ahead remains positive. The Company expects the rentalbusiness to continue strengthening. Gurgaon remains one of the most preferred markets inthe National Capital Region for quality office spaces group housing residential complexesand IT/SEZs. DLF Cybercity has proved to be an attractive destination for premium officespace and superior infrastructure facilities.
Citizens of Gurgaon and stakeholders of the Company would be happy to note that the16-lane road from the border of Delhi till the end of the golf course (a distance of 8.3km) with underpasses and flyovers costing as much as Rs. 650 crore is nearing completion.The project has been jointly fi nanced by your Company and Haryana Urban DevelopmentAuthority.
Stellar achievements such as the Mall of India and 14 msf of completed assets madeavailable to buyers for the second year running signify two basic factors i.e. fulfillment of commitments made to buyers and your Company's ability to continue with suchlarge deliveries even in the face of years of general economic slowdown.
I am also happy to inform stakeholders that in compliance with CSR guidelines theCompany has fully utilized 2% of its three year's average profits in corporate outreachinitiatives. In line with national priorities our CSR programmes are targeted at skilldevelopment rural healthcare education and community development particularly of womenin the villages in the vicinity in our areas of operation. The DLF Foundation hasincreasing earned recognition for its endeavour to create sustainable communities andtransform lives.
I trust that the various path-breaking policies of the Government under the far-sightedstewardship of our Hon'ble Prime Minister Shri Narendra Modi and effective implementationof innovative initiatives such as Make in India' Startup India'Housing for All' Smart Cities' Digital India' and REITs' wouldhave a powerful positive impact on the growth of the real estate sector which is a majorcontributor to GDP.
In this context the passage of the Real Estate (Regulation & Development) Act2016 is a welcome measure which will contribute in a large measure to transparencycomplete disclosures and full justice and clarity to the buyers of real estate products.The Government should ensure that the Act is implemented in such a manner that itencourages the largest number of entrepreneurs to enter into real estate industry and notcurb the growth of the projects.
I am confident that such much-needed sectoral reforms would foster a conducive businessenvironment in which your Management would be able to lead your Company on the path torapid growth in the year ahead.
| ||With best wishes |
| ||Sincerely |
| ||(Dr. K.P. Singh) |
|July 26 2016 ||Chairman |