Key Issues And Trends Within Industry Economics Essay

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Real estate is "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing."

With the development of private property ownership, real estate has become a major area of business, commonly referred to as commercial real estate. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:

Appraisal: Professional valuation services.

Brokerages: A mediator who charges a fee to facilitate a real estate transaction between the two parties.

Development: Improving land for use by adding or replacing buildings

Net leasing

Property management: Managing a property for its owner(s)

Real estate marketing: Managing the sales side of the property business

Real estate investing: Managing the investment of real estate

Relocation services: Relocating people or business to a different country

Corporate Real Estate: Managing the real estate held by a corporation to support its core business-unlike managing the real estate held by an investor to generate income

Within each field, a business may specialize in a particular type of real estate, such as residential, commercial, or industrial property. In addition, almost all construction business effectively has a connection to real estate.

"Internet real estate" is a term coined by the internet investment community relating to ownership of domain names and the similarities between high quality internet domain names and real-world, prime real estate.

Introduction of Real Estate Industry:

The Indian economy has witnessed robust growth in the last few years and is expected to be one of the fastest growing economies in the coming years. Demand for commercial property is being driven by India's economic growth. Real estate in India contributes about 5 per cent to India's gross domestic product (GDP). The total revenue generated from the real estate sector in 2010-11 stood at US$ 66.8 billion.

Demand is expected to grow at a compound annual growth rate (CAGR) of 19 per cent between 2010 and 2014, with tier I metropolitan cities projected to account for about 40 per cent of this. Growing infrastructure requirements from sectors such as education, healthcare and tourism are also providing opportunities in the real estate sector.

Urban population has been increasing and is expected to cross 590 million by 2030.Urbanisation and increasing household income are some of the major factors that influence demand for residential real estate and growth in the retail sector.

Market Size

The Indian real estate market size is expected to touch US$ 180 billion by 2020.

Demand for residential, commercial and retail real estate is rising throughout India, accompanied by increased demand for hotel accommodation and improved infrastructure. Growth prospects and price stability of smaller cities are attracting large real estate developers in such cities in the recent past, according to a report titled 'Real(I)ty Next: Beyond the Top 10 Cities of India', released by Crisil. The report estimates that the sale of new residential apartments in 10 such smaller cities are at around US$ 4 billion in 2012.

Investments

Non-resident Indians (NRIs) are looking forward for investment in Indian real estate with the dollar appreciating in value compared to the rupee in the recent times. Foreign direct investment (FDI) inflows in real estate in 2011-12 (April-January) stood at Rs 2,750 crore (US$ 499.59 million). In fact, FDI in the sector is expected to increase to US$ 25 billion in the next 10 years, as per a latest industry body report.

Construction development sector (including townships, housing, built-up infrastructure) has attracted a cumulative FDI worth US$ 21.1 billion from April 2000 to June 2012. FDI flows into the sector for the period April-June 2012-13 stood at US$ 348 million, according to the Department of Industrial Policy and Promotion (DIPP).

India needs to invest US$ 1.2 trillion over next 20 years to modernize urban infrastructure and keep pace with the growing urbanization, as per a report released by McKinsey Global Institute (MGI)-India's urban awakening.

Indian real estate emerged as the popular sector for private equity (PE) funds, investing around US$ 1,700 million in this sector during 2011. PE in real estate projects will fetch considerable returns by next year (2013), according to Vikram Hosangady, Partner, KPMG

Some of the major investments in the Indian real estate sector are:

Realty firm Avalon Group to invest Rs 200 crore (US$ 36.32 million) to develop a group housing project at Bhiwadi in Rajasthan. The company would develop 800 housing units in the 12-acre project 'Avalon Regal Court'

Canada-based NRI billionaire Bob Dhillon is considering investing up to US$ 100 million (about Rs 540 crore) in the Indian real estate market and is planning to approach the Haryana Government for developing a township near Chandigarh

Sahara India has set up a construction joint venture with 110-year-old American real estate company Turner Construction Co, a subsidiary of German construction group Hochtief, and the Acropolis Capital Group, a special situation investment and development firm. The JV Company will build integrated townships called Sahara City Homes and other Sahara India projects in India worth US$ 25 billion over the next 20 years

Berggruen Hotels, a mid-market business hotel chain funded by US-based Berggruen Holdings, plans to double its room inventory and invest at least Rs 450 crore (US$ 81.72 million) in new projects across the country. The company operates under the brand Keys Hotels and aims to add 2,300 rooms over the next 18-24 months

Kotak Realty Fund, the real estate private equity fund of Kotak Mahindra Group, has entered into a joint venture with Chennai-based Akshaya Homes for construction of residential units on a 20-acre plot of Chennai's Old Mahabalipuram road.

Government Initiatives

The Government of India has allowed FDI up to 100 per cent under the automatic route in townships, housing, built-up infrastructure and construction development projects to increase investment, generate economic activity, create new employment opportunities and add to the available housing stock and built-up infrastructure.

The Union Budget 2012-13 gives major thrust on accelerating the pace of investment in infrastructure, as this is critical for sustaining and accelerating an overall growth. Efforts to attract private investment into infrastructure through the Public-Private Partnership (PPP) route have met with considerable success at both Central Government and State Government levels.

In the Union Budget 2012-13, Rs 10,000 crore (US$ 1.82 billion) is allocated for the development of National Highways. In the next five years, the total investments in the real estate will be US$ 1 trillion.

Government of Gujarat plans to build a 600-hectare township near the proposed Maruti Suzuki India Ltd.'s (MSIL) manufacturing factory in Hansalpur near Mehsana. The cost of development is estimated to be about Rs 80 lakh (US$ 145301) to Rs 1 crore (US$ 181672) per hectare.

Road Ahead

Real estate plays an important role in the Indian economy. This sector happens to be the second largest employer after agriculture and is expected to grow at the rate of 30 per cent over the next decade.

The real estate sector in India is ready to take a big leap in the coming years. Since 2010, the residential sector has been on a strong growth trajectory and with increasing urbanization the momentum is expected to continue. Strong demographic mix and increasing salary levels will be the key triggers for growth of the residential market in 2012.

Emergence of nuclear families and growing urbanization has given rise to several townships that are developed to take care of the elderly. With a number of senior citizen housing projects been planned, the segment is expected to grow significantly in the future.

Increase in the number of tourists has resulted in demand for service apartments. This demand is likely to be on uptrend and presents opportunities for the unorganized sector. The number of hotel beds in the country is expected to increase to 461,000 by 2015 from the current capacity of 235,000.

Exchange Rate Used: INR 1 = US$ 0.0181 as on November 29, 2012

Top Developers of DELHI-NCR

Really, the real estate builders in NCR have urbanized the National Capital Region (NCR) liable to take in Delhi, Faridabad, Noida, Greater Noida and Gurgaon as the prime cities. Surely, the builders like DLF, BPTP, Unitech, Tata Housing, Emaar MGF and many others have offered some milestone structures in the past few years in Delhi/NCR. Here, Delhi from a conventional capital city has come changed to a world-class city with international standard builder properties such as DLF Capital Greens Phase-I, II & III, DLF Kings Court and etc.

Whereas, Gurgaon from an undersized city on the periphery of Delhi at present has been developed by the giant realty developers into the most superior residential areas and as well as the major commercial developments e.g., IT companies and MNCs, the developers in Faridabad have changed this industrial township into a modern day city complete with elegant office complexes, sprawling shopping malls and classy retail markets with major retail brands to host. As a substitute to the inundated Delhi real estate market, cities like Noida, Greater Noida, Sonipat and Kundli were developed that became the official playgrounds for all builders and developers in India, thoroughly.

INTRODUCTION OF THE COMPANY

DLF Limited (Delhi Land & Finance) (BSE: 532868, NSE: DLF) is the largest commercial real estate developer in India. It was founded by Raghuvendra Singh in 1946 and is based in New Delhi, India.[1] DLF developed residential colonies in Delhi such as Shivaji Park (their first development), Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties.

With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi and banned private real estate developers. As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, in the district of Gurgaon, in the adjacent state of Haryana. In the mid-1970s, the company started developing their DLF City project at Gurgaon. Its plans include hotels, infrastructure and special economic zones-related development projects.[2]

The company is headed by Indian billionaire Kushal Pal Singh. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2009, was the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion IPO in July, 2007 was India's biggest IPO in history.[3] In its first quarter results for the period ending 30 June 2007, the company reported a turnover of Rs. 3,120.98 Crore and profits after taxes of Rs. 1,515.48 Crore.

History

The DLF Group was founded in 1946. We developed some of the first residential colonies in Delhi such as Krishna Nagar in East Delhi, which was completed in 1949. Since then we have been responsible for the development of many of Delhi's other well known urban colonies, including South Extension, Greater Kailash, Kailash Colony and Hauz Khas.

Following the passage of the Delhi Development Act in 1957, the state assumed control of real estate development activities in Delhi, which resulted in restrictions on private real estate colony development. We therefore commenced acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana.

This led to our first landmark real estate development project - DLF Qutab Enclave, which has now evolved into DLF City. DLF City is spread over 3,000 acres in Gurgaon and is an integrated township, which includes residential, commercial and retail properties in a modern city infrastructure with schools, hospitals, hotels and shopping malls. It also boasts of the prestigious DLF Golf and Country Club with night golfing facilities.

In the early 1940 to 1950s, Raghuvendra Singh with Makhan Lal Jain gandherwal belong to rohtak,haryana who was Managing Director of Delhi Land and Finance Housing and Construction Private Ltd at that time, procured real estate around Delhi. The wealth generated was multiplied over the decades through investments like Punjabi Bagh, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash 1 & 2, Kailash Colony, Hauz Khas, and Panchsheel. In the 1970s and 1980s DLF purchased 3,000 acres (1,214 ha) of land from farmers in Gurgaon for $2000 per acre.[4]

At that time, the Haryana government did not allow private companies to develop the land. Years later, when Rajiv Gandhi became Prime Minister, he ensured that the Haryana Government changed the local law and allowed private companies to develop land. Gurgaon underwent a private real estate boom which is continuing to this day.[5] The boom includes world-class office buildings, apartments, golf courses, shopping malls, 5-star hotels and a private expressway linking Gurgaon to Delhi Airport. Building No:6 john Keells Bpo

In 1985, DLF started developing the 3,000 acres (12 km2) it had acquired from farmers.[1] In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon.[1] Recently it has been alleged that DLF gave undue favours to Sonia Gandhi's Son-in-Law Robert Vadra.

Joint ventures

Laing O'Rourke is a UK-based construction company that built Dubai International Airport and London's Millennium Tower. It will construct all DLF's landmark projects. Nakheel of Dubai are partnering with DLF for developing townships in India. WSP Group Plc is also partnering DLF, providing management and consultancy to the built and natural environment. Feedback Ventures is providing consultancy for faster project execution. DLF has also teamed up with Hilton Hotels to jointly develop hotels in India.

Sponsorship

In 2008, DLF became the title sponsor of the Indian Premier League, a newly-formed Twenty20 cricket league. DLF paid close to US$40 million for the 5-year sponsorship deal.

Nature of Business

DLF's primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market. From developing 22 major colonies in Delhi, DLF is now present across 15 states-24 cities in India.

Development Business

The development business of DLF includes Homes and Commercial Complexes. The Homes business caters to 3 segments of the residential market - Super Luxury, Luxury and Premium. The product offering involves a wide range of products including condominiums, duplexes, row houses and apartments of varying sizes.

DLF is credited with introducing and pioneering the revolutionary concept of developing commercial complexes in the vicinity of residential areas. DLF has successfully launched commercial complexes and is in the process of marking its presence across various locations in India.

The development business at present has 275 msf of development potential with 48 msf of projects under construction.

Annuity Business

The annuity business consists of the rental businesses of offices and retail.

With over six decades of excellence, DLF is a name synonymous with global standards, new generation workspaces and lifestyles. It has the distinction of developing commercial projects and IT parks that are at par with the best in the world. DLF has become a preferred name with many IT & ITES majors and leading Indian and International corporate giants, including GE, IBM, Microsoft, Canon, Citibank, Hewitt, WNS, Bank of America, Cognizant, Infosys, CSC and Symantec, among others.

DLF pioneered the retail revolution in the country and brought about a paradigm shift in the industry by redefining shopping, recreation and leisure experiences with the launch of City Centre in Gurgaon in 2000. The Retail Malls business is a major thrust area for DLF. Currently, DLF is actively creating new shopping and entertainment spaces all over the country.

The company has land resource of 65 msf for office and retail development, with 7 msf of projects under construction.

DLF has a strong management team running independent businesses, though complementing each other in cases of opportunities of mixed land use. DLF's mission is to build a world-class real estate development company with the highest standards of professionalism, ethics and customer service and to thereby contribute to and benefit from the growth of the Indian economy.

Vision, Mission and Values

DLF Vision

To contribute significantly to building the new India and become the world's most valuable real estate company.

DLF Mission

To build world-class real-estate concepts across six business lines with the highest standards of professionalism, ethics, quality and customer service.

DLF Values

Sustained efforts to enhance customer value and quality

Ethical and professional service

Compliance and respect for all community, environmental and legal requirements.

Logo Our Ethos

The pyramid symbol and the mission line 'Building India' is collectively referred to as the DLF Logo.

The company's name is represented in black capital letters. The typeface represents the solidity of the enterprise; emphasizes accountability, responsibility as being a strong and integral part of the Group's ethos.

The pyramid depicts nine smaller pyramids; each composes itself into a larger pyramid all-encompassing in nature and presentation. The pyramid itself and the component pyramids convey cohesion, interdependence, support and foundation, to a common purpose and to achieve greater heights.

The words 'BUILDING INDIA', is in capitals like the company's name, and at once conveys DLF's mission and vision. It is an intrinsic reflection of the Group's commitment and its 60-year heritage.

MARKET SEGMENTATION:

Business organized on vertical basis: Homes, Office, Retail, Hotels, etc., each independent of the other

Same structure is followed not only at the corporate level, but flows down to the regional/local level

DLF, at the corporate level, plays the role of an aggregator of businesses where stiff, competing interests of different SBUs and businesses get aligned, resulting in sum of parts being worth more than parts

Going forward, DLF plans to monetize subsidiaries/assets to unlock the embedded value

With core businesses reaching stable operating performance, focus is to aggressively ramp up new businesses like hotels, infrastructure, SEZs, etc.

Key focus on execution of projects - with current levels reaching a run rate of 62 msf across businesses (excluding Hotels)

DLF will look into making small 'pure' investments in non-real estate businesses, with target ROI of more than 20%

The compensation structure within the mid / senior level employees allows for participation in the success of various projects/businesses

-Base salary - 30% with a 70% variable component linked to the KRAs, overall through stock options.

HOMES -market segmentation

Super luxury --large plotted developments and urban colonies, Sales "By Invite", Target price points in excess of Rs 35,000 per sq ft

Luxury --provide luxury living to a homogenous community looking for exquisite lifestyle, Steady demand, increasing prices continuously

Mid income-for middle class, affordable housing across the country, high demand in coming time

B. OFFICES - market segmentation

Sale

Lease

C. MALLS and COMMERCIAL COMPLEXES-

Sale: Commercial Complexes(smaller malls)

Lease- Large malls

D. HOTELS -

HILTON JV Business Hotels / Serviced Apartments

Other luxury hotels

AMAN ACQUISITION Part of Luxury Strategy

E. EQUITY INVESTMENTs----

1. Foray into life insurance / asset management is largely an equity investment. In next couple of years, the group would be generating surplus cash flow, which would be in excess of fresh investment needs.

2. Investments:

---A 74:26 JV with Prudential Financial Inc., US for Life insurance services

---A 39:61 JV with Prudential Financial Inc., US for Asset Management services

3. Target ROI: Over 20%

4. Tenure: 7-10 years

Uniquely positioned in emerging, profitable segments:

DLF has a sizable presence across several key cities (Delhi NCR, Mumbai, Bangalore, Chennai, Kolkata, Chandigarh, Goa etc) and clear market leadership position in commercial, retail, and lifestyle/premium apartments. These segments are highly profitable and have significant entry barriers. We estimate DLF\u2019s market share at ~16% in commercial offices and ~8% in retail space absorption in India over the next 2 years.

COMPETITORS

Peer Comparison

Company

Market Cap

(Rs. in Cr.)

P/E (TTM)

(x)

P/BV (TTM)

(x)

EV/EBIDTA

(x)

ROE

(%)

ROCE

(%)

D/E

(x)

DLF

43,910.10

44.19

3.03

16.41

6.0

8.2

1.30

JP Associates

15,710.87

23.84

1.22

9.94

9.6

9.4

2.00

Oberoi Realty

9,541.65

30.93

4.25

21.24

11.9

15.7

0.00

Unitech

7,521.86

57.50

0.78

14.93

3.1

4.8

0.43

Prestige Estates

6,427.75

28.52

2.58

14.86

6.2

7.9

0.52

Jaypee Infratec.

6,132.13

6.84

1.06

8.15

24.5

13.8

1.28

Godrej Propert.

4,774.32

40.62

3.41

31.59

5.9

7.2

0.88

Sobha Developer.

4,439.67

19.52

2.22

9.80

10.4

12.9

0.61

Phoenix Mills

3,862.43

30.86

2.32

17.89

6.5

8.5

0.10

IRB Infra.Devl.

3,848.73

16.06

2.54

24.41

11.3

8.4

1.04

Sunteck Realty

3,022.23

266.72

8.26

115.12

2.6

4.4

0.15

Indbull.RealEst.

2,989.44

19.83

0.52

26.56

0.2

2.0

0.23

H D I L

2,859.68

7.10

0.28

7.08

3.9

7.2

0.40

Omaxe

2,710.30

40.98

1.80

16.89

4.3

7.7

0.77

Shareholding pattern - DLF Ltd.

Holder's Name

No of Shares

% Share Holding

Promoters

1334803120

78.58%

Foreign Institutions

252672685

14.87%

General Public

60429565

3.56%

Other Companies

26462552

1.56%

N Banks Mutual Funds

11766852

0.69%

Others

5678171

0.33%

Financial Institutions

4965389

0.29%

Foreign NRI

1839561

0.11%

Foreign Industries

49600

0.00%

Foreign Ocb

11

0.00%

Key issues and current trends within Industry ---

In the coming year, talent attraction will be one of the top-most priorities of the real estate sector. Given the current economic situation, there will be an increasing challenge for companies to attract talent in the industry as well as retain talent, as a general perception has developed amongst many that the industry itself is not worth spending more time on. Considering the dearth of skilled employable talent, it would be quite a task for these companies to retain and enhance their existing talent pool.

Global cues and uncertainties have lowered the optimism level of the job market, which will make people with specialist skills risk averse. They will not find it wise enough to change an existing job in the present scenario. Therefore, this will pose a challenge in attracting talent, leading the companies to resort to high pay options that will further impact talent costs for companies.

And then ultimately, the continuing skill gap due to the quality of education and the demand - supply gap will be the reason for companies to strive towards bridging the gap through backward integration programs.

India's largest real estate company in terms of revenues, earnings, market capitalization and developable area with a 62-year track record of sustained growth, customer satisfaction and innovation.

Robust business model with mix of development & rental earnings

Low risk due to multiple businesses and segments within businesses, across geographies

All earnings enablers in place - high quality / high value "zoned" land resource in super metros & metros and motivated teams at local level to execute projects

Businesses (Commercial, retail & luxury homes) which contribute more than 80% of our long term value are at stable operating platform

Stupendous response to the launch of 'mid-income homes' - strong validation of strategy

Set to change the hospitality landscape in India-

- On way to set up 20,000 business hotel rooms in the next 5 years in partnership with Hilton

- Acquisition of domain expertise & assets with buy-out of Aman Resorts business

8. Only developer with the experience of setting up of large township.

9. Demonstrated the legal structure to monetize commercial assets as REIT's in the offshore markets; listing in the near future.

Demand Forecasting

Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, such as the use of historical sales data or current data from test markets. Demand forecasting may be used in making pricing decisions, in assessing future capacity requirements, or in making decisions on whether to enter a new market. This method is used to estimate future value on the basis of past information . Generally demand forecasting is done for either estimating the future sales or estimating future requirement of inventory or raw material.

Methodology -

DLF estimate various factors which impact demand of luxury housing in any micro market and more so Gurgaon and chose following parameters :

Growth in IT/ITES salary- rather than taking salary in absoluter term, DLF focused on growth as growth signifies more of a disposable income as a person expenditure do not increase so much as per salary growth. Further DLF considered only IT/ITES sector as no of professionals in higher income bracket are much more in this sector compared to any other industry and hence linear relationship with the demand.

GDP Growth - GDP growth signifies overall activity in economy, confidence level and other overall vibrancy in the system and since housing purchase is very strong well thought personal decision, emotional comfort and outlook over certainity of income plays a very important role and hence GDP was considered as an important tool.

Price of Apartments- Like income level , ability to afford a house in a particular segment is very important and hence apartment cost was taken as also one of the factor impacting demand as there is elastic relationship between price and demand of apartments.

Home Loan Rate- Since 90% of sale in NCR region is backed by mortgage , change in interest rate makes the difference between affordability and non affordability and hence its factor which impacts housing sales drastically .

Absorption of Commercial Space in Gurgaon - Gurgaon despite being an old town has not much of its own catchment area and consists of mainly villages . Though lot of auto companies are there in vicinity but they don't market for luxury housing on account of less no of people in senior management and a different demography.

In the supply rich environment, accurate demand estimates will become very important.

DEMAND FACTORS -

Robust and sustained growth

Upsurge in industrial activities

Favourable demographic parameters

Rise in consumerism

Rapid urbanization

PULL IMPACT -

Increasing occupier base

Rise in demand for industrial space

Demand for new avenues

Creation demand for new housing

SUPPLY FACTORS -

Policy and regulatory reforms

Positive outlook of global investors

Infrastructure support and development by government

PUSH IMPACT -

Entry of domestic and foreign players

Improved quality of real estate assets

Large scale development.

SWOT ANALYSIS OF DLF LTD.

Strength

DLF have a good market share of about 56%

Brand value

Huge supplier base ensures a fixed raw material cost

A well established and firm base in north India

DLF huge land bank

Weakness

Little or no projects in the other part of India

Macro economical risks

No parallel products to support during times of bad economy

Real risk of decline in property prices and only main concentration in GURGAON.

Opportunities

Expansion of business in other parts of INDIA.

It can invest more in power projects like Hydroelectric or wind power.

Investment in raw material - Backward Vertical Integration.

Threats

Competitors may try to get more market share through improved techniques.

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