DLF continues to be at the forefront of changing the urban landscape of India withworld-class buildings a customer-centric approach and following the best practices inareas like construction environment compliance and corporate governance.
I am happy to inform you that in the financial year gone by your Company continued toset new milestones and win accolades. The unfortunate onset of COVID-19 along with thelockdown led to a very challenging environment for the past few months. I am pleased toinform you that all associates of your Company rose to meet the challenges that this posedand worked tirelessly to ensure wellbeing of all our residents and tenants. We ensuredthat all critical infrastructure was operational to ensure continuity of business for allour stakeholders. While attending to the physical aspects posed by the pandemic wasparamount your Company also ensured that all commitments to all stakeholders includingFinancial institutions were met in a timely manner.
The pandemic affected everyone especially the vulnerable sections of society. YourCompany along with DLF Foundation leveraged its reach with its presence in 14 states and21 cities. We partnered with the State Governments District Administrations Police andseveral local government departments to provide relief to those affected. The measuresincluded providing cooked meals to the migrants distribution of dry ration to thestranded and needy. Medical supplies including diagnostic machines hospital beds andpersonal protective equipment were donated to local authorities for Covid front liners.While the Company is ensuring that it is coping well with the challenges presented byCOVID-19 we will need to stay vigilant given the uncertain nature of the pandemic'sfuture course.
The financial year 2019-20 was a challenging year for the already ailing real estatesector because of liquidity and the overall macro environment. COVID-19 has furtheraccentuated these challenges but we have adapted to the change. Today your Company isagile lean and focused on delivering what we had committed. The leadership team issteering our organization through the crisis while ensuring minimal effect on our growthplans. Our business continued to exhibit resilience leading to robust performance duringthe year gone by despite the challenges. The gross sales bookings grew by 10% and stoodat Rs.3450 crore for the full year. The rental business continued to demonstrate strongperformance and remains steadfast on its growth path with rental income exhibiting anincrease of more than 15% from the previous year. Your Company along with itssubsidiaries has successfully developed an unparalleled well-diversified portfolio ofrental assets spread across more than 2.97 million square meter (32 million square feet)situated across key locations. We have embarked on the journey of further enhancing thisportfolio with the latest addition of Cyber Park in Gurugram and initiating thedevelopment of 2 marquee destinations viz. "Downtown" at Gurugram & Chennai.
Despite the challenges faced by the Industry in recent times I strongly believe thatthe inherent strength and the fundamentals of the business remain unaltered. Businessduring such uncertain times will witness various challenges and opportunities but I amconfident that the combination of our meticulous and clearly laid out strategy costoptimization initiatives organizational competency the inherent strength of the businesscoupled with a healthy balance sheet will enable our Company to emerge stronger. We shallcontinue pursuing these goals while adhering to the highest standards of governance andcompliance. We will continue to invest in our long-term growth strategy of creating newproducts across all segments with an enhanced focus on optimizing our product mix in linewith the market demand. We continue to strive towards creating products offering greatervalue proposition to the customers thus eliciting renewed demand across all segments. Dr.K.P. Singh who was instrumental in transforming not only your Company but the entireReal Estate sector has retired after a long and illustrious career of more than fivedecades with the Company. His pioneering efforts in Urban Development and in PublicPrivate Partnership in this sector have truly been a huge inspiration and we at DLFrecommit ourselves to fulfil his dreams of a vibrant and developed India. We are gratefulthat he has agreed to continue guiding us as the "Chairman Emeritus".
I am humbled and truly honored to take forward his legacy and vision under hiscontinued guidance. Filling such large shoes is indeed a challenge and I am truly honoredby this responsibility. I do hope that I continue getting your invaluable support as ourCompany embarks on the journey towards greater success and long-term value creation forall our stakeholders.
I am grateful to all our stakeholders & partners for their support my fellow Boardmembers for their exemplary leadership and continued guidance the management team andemployees for diligent execution of the organizations' vision and strategy. I would liketo conclude by reiterating that I look forward to leading the Company to even greaterheights.
With best wishes Sincerely
Rajiv Singh Chairman