Dear Shareholders,
The Indian economy has staged a broad-based recovery across sectors and
surpassed its pre-pandemic growth trajectory. Over the last decade wide ranging structural
and governance reforms have strengthened the economy's fundamentals which has made
India the shining star in the global economy. The sustained growth momentum reaffirms the
ability of the Indian economy to grow faster than ever. We strongly believe that the next
decade will belong to India. The third term of the Government under the leadership of
Hon'ble Prime Minister Shri Narendra Modi ji marks a milestone in good governance.
This continuity will result in faster roll out of policies with renewed vigour for growth.
The pace of progress and improvements will accelerate growth in years to come.
The Government is investing heavily in infrastructure, highways,
railways, electrification and other sectors.
All progress in the new build out cycle paves the way to achieve the
Prime Minister's vision for ‘Viksit Bharat 2047', which coincides with the
Nation's 100th year of independence. We believe that the real estate sector will be a
major contributor to India's economic progress, resulting in employment subsequently
leading to macroeconomic and social growth. You would be happy to note that the favourable
macroeconomic environment and the crucial initiatives taken to strengthen the balance
sheet over the last decade have borne fruit. We have fortified customer and stakeholder
credibility which has given us the edifice to grow forward strongly.
Our focus is to expand both our businesses, residential and commercial.
The residential business continued its growth momentum, we witnessed an uptick in new
sales bookings, coupled with record sales collections. The markets response to our
products continues to be very encouraging. It is with this conviction that we are entering
new geographies like Mumbai and Goa. While we continue to launch new projects in Gurugram
and the NCR, our strategy is to introduce a diverse range of offerings to meet the
aspirational needs of the market.
The commercial business continues to perform well, occupancy levels
across the portfolio have increased substantially. We continue to invest in the capex of
our new build outs in Gurugram, Chennai, Delhi and Goa. This is a long gestation business
and the arduous work we have put over the last decade has helped us to be in the strong
position where we are today. We continue to invest in talent acquisition and strengthen
our internal policies to ensure that we have robust mechanisms to support this growth.
While we strive for greater heights, I assure you that we will maintain
our focus on operational excellence, corporate governance and uphold the values
established by our founders, which remain our foundation and guiding principle. Our aim is
to achieve long-term sustainable growth for all our stakeholders.
Our Company continues to uplift and transform local communities where
we live and operate. With the work of DLF Foundation, we continue to make a positive
impact in the areas of education, sustainability, healthcare and animal welfare. Our
commitment is to improve the quality of life, job creation and promote environmental and
social recovery through various CSR initiatives.
I regret to inform you about the demise of our Non-executive Director
Gurvirendra Singh Talwar (Rana Talwar) who passed away on 27 January 2024. The Board of
Directors at the meeting held on 27 March 2024 expressed their condolences and took on
record his contribution to the Banking Sector and his invaluable contributions to your
Company.
I would like to express my sincere gratitude to my fellow board members
for their continued support and guidance. I would like to thank all our customers,
tenants, residents and for their unwavering support. Our endeavour is to ensure that all
our stakeholders and employees continue to grow with us in this prosperous new journey
where we will play a small role in the ‘Viksit Bharat' scheme.
With best wishes, Sincerely,
Rajiv Singh Chairman