India is rapidly progressing and is poised to become the world’s third largest economy after the United States of America and China in the next few years, says Kushal Pal Singh, Chairman Emeritus of DLF, the country’s largest real estate developer. He believes India’s leadership plays a key role in this as it has changed the country’s image on a global level.
In an exclusive interview with Moneycontrol, Singh praises Prime Minister Narendra Modi and says that the Indian PM is one of the four top leaders that matter at the world level.
KP Singh, who recently turned 95, also released his second book 'Why the Heck Not?' on November 14, along with co-author Aparna Jain. In the book, Singh presents a vivid recounting of his journey through one of India’s most ambitious real estate transformations.
In the interview, Singh also talked at length about sustainable and green buildings, urban infrastructure, and India’s future and his advice to young entrepreneurs. He holds the “poor urban infrastructure” responsible for rising pollution and toxic air in Delhi NCR and calls for “drastic measures” in master-planning as course correction. He also calls for replacement of “myopic thinking” with long term planning and creating surplus for better and sustainable urban infrastructure planning.
Here are some excerpts from the interview:
What is your vision for India’s future? How do you envision India evolving over the next 50 years?
The reputation today and being proud to be an Indian today is so different (from) what it was 10-15 years back. The IMF and the World Bank have projected that in the next four years’ time India will be the third largest economy in the world after America and China and this is happening as India is growing rapidly. It is happening not only because the government policies are good and pro-development but also because Indian entrepreneurs and workers are good and talented.
You see yourself and thank the Prime Minister. Our Prime Minister (Narendra Modi) is a dynamic person and he has changed the world’s perception towards India. Today (Vladimir) Putin (President of Russia), (Donald) Trump (US President), Mr. (Narendra) Modi and China (President Xi Jinping) - only these four matter in the world so India is already on the high table. India is moving and moving extremely well.
Also Read: DLF to construct three new malls, grow commercial portfolio: Sriram Khattar
How have you seen the real estate sector transform over the years?
Most of the old builders are either in jail or on bail or bankrupt. I am proud to say that there was not one case by farmers against DLF. The transformation in the sector is taking place now. The new breed of developers is coming up now that is future of India. This new generation is compliant with RERA (Real Estate Regulatory Authority) law and therefore, they are going to drive the real estate (sector) in a significant manner as good as any other industry with no short cuts. So I see a great future.
What is the status of the current urban infrastructure in India and what improvement does it need?
Urban master planning should not be for a short-term but for the long-term. It all starts from the thinking how do you shape up the country to progress not 10-20 years ahead, but in a democratic country you see a 100-years ahead. We are breathing poison every day due to bad air quality. So what is the reason for bad AQI? It is poor wrong urban infrastructure. Climate change is coming and it will be more severe. So it needs a radical change on a war footing and the only person who can do it in my way is the Prime Minister (Narendra Modi) as he has got the guts and courage to do it.
Also Read: DLF Q2 results: Net profit rises 121% to Rs 1,387 crore
The government has to conduct a quick study, it can be run in two months, about what has gone wrong. The key thing is formulation of a masterplan of urban infrastructure as everything flows from the masterplan. Earlier master planning was being done by the visionary people, for example, Lutyen’s Delhi, Chandigarh and Jaipur. So at first, the myopic thinking has to be replaced by 1think big and create a surplus' and that is the mantra.
What are your thoughts on sustainable and green building practices in real estate?
It is a very large subject. Sustainable green is the way forward. Most of DLF's buildings are green and sustainable and DLF has been awarded with lot of honours internationally for green and sustainable practices. The government is doing quite well on this front as they are giving incentives to green buildings. Progressive developers will adopt such practices.
What advice would you give to young entrepreneurs looking to make a mark in real estate?
The new people (entrepreneurs) are the eyes and ears of India. First, whatever the regulation may be, you must think through 100 percent of compliance of laws. Two, if there is anything for which you have to pay taxes, don’t evade tax. Plan and pay taxes. Third, the market has to test you. Whether the buildings you make are what they expected - so don’t cut corners.
My most important thing is the corner stone of business philosophy, which I followed - ethics and moral values. In DLF we never have greed for making money by cutting corners. Ethics and moral values should be supreme.
Looking back, what would you consider your biggest achievement?
My biggest achievement is the winning over of the confidence of farmers to buy land in excess of 1000 acres where the average holding was five-six acres. It was not possible to build a city without consolidation of the land. The land was purchased on payable when able basis and it is a record in the world. It took me 10-12 years to show my confidence to them (farmers). My legacy is better than the best.
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