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BW Businessworld

King Of Real Estate

For K.P. Singh, philanthropy and social well-being are as important as expanding his real estate empire

Photo Credit : Bloomberg

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He is known for single-handedly transforming Gurugram (then Gurgaon) into a world class global business destination. For his competitors, Kushal Pal Singh or K.P. Singh, as he is popularly known, evokes nothing but respect for having established a formidable real estate empire with a net worth of $6 billion.

DLF has an estimated land bank of 10,255 acres with about 3,000 acres being in Gurugram. DLF Limited also has a pan India presence in over 24 cities across 15 states.

Under Singh’s tenure, as the Chairman of DLF, the company went for an initial public offering (IPO) in 2007 and made about $2.24 billion, making it one of the largest IPOs in India. Soon after, the market capitalisation of the company increased to $24.5 billion and helped Singh become one of most respected real estate czars across the world.

Today, Delhi-headquartered DLF is run by his son Rajiv Singh who is the Vice Chairman of the group. In August 2017, Singh sold his one third stake in DLF’s rental arm to GIC, Singapore’s sovereign wealth fund, for $1.9 billion.

Singh is also widely credited with conceptualising a unique and innovative model for acquisition of land from the farmers by involving the farming community as ‘Partners in Progress’ in housing and urban development. He has been a firm believer in corporate intervention in the social sector encompassing CSR and philanthropic activities such as  improvements in the living standards of construction workers, and providing basic education and healthcare facilities in adopted villages in and around DLF townships.

For his contribution to business and real estate industry, Singh was awarded the prestigious Padma Bhusan in 2010 by the government of India. He was also conferred Delhi Ratna Award by the Delhi government for his valuable contribution towards the development of the capital.