In the latest GROHE-Hurun list, 65-year-old Rajiv Singh, Chairman of DLF, has been named the richest real estate entrepreneur with a wealth of Rs 1,244.2 billion. DLF, India's top real estate firm, boasts a valuation of Rs 2 trillion.
According to DLF's latest annual report, Singh received a remuneration of Rs 273 million for the financial year 2023-24, marking a 38% increase from the Rs 197.7 million he received in the previous year. The report lists the remuneration for directors and key managerial personnel (KMPs) for the year.
Ashok Kumar Tyagi, Managing Director and Chief Financial Officer (CFO), received Rs 135.2 million, up 27% from Rs 106.4 million the previous year. Tyagi assumed the CFO role on May 13, 2024, in addition to his responsibilities as Managing Director.
Devinder Singh, also Managing Director, earned Rs 135.2 million for the last fiscal year, compared to Rs 107.4 million in 2022-23. Both Tyagi and Singh became Managing Directors on August 4, 2023.
DLF's remuneration policy includes salary, benefits, perquisites, and allowances (fixed component), along with commission (variable component). Annual increments are approved by the Board of Directors based on recommendations from the Nomination and Remuneration Committee (NRC). The NRC also advises on the commission payable to Executive and Non-executive Directors, within the prescribed profit ceiling.
DLF is the largest real estate firm in India by market capitalisation, having developed over 158 real estate projects covering more than 340 million square feet. The group holds a future development potential of 215 million square feet across residential and commercial segments. Its annuity portfolio exceeds 44 million square feet, generating an annual rental income of over Rs 40 billion.
DLF's consolidated revenue, including other income, rose to Rs 695.8 million in 2023-24, achieving a 16% year-on-year growth. The total comprehensive income grew by 33%, reaching Rs 273 million. The company reported robust sales bookings driven by high demand for luxury homes, achieving record sales of Rs 150.58 billion in 2022-23 and Rs 147.78 billion in 2023-24. For the current fiscal year (2024-25), DLF aims for a 15% growth in sales bookings, targeting Rs 170 billion with plans to launch luxury housing projects in Gurugram, Goa, and Mumbai. (Source: ET)
