"DLF has never crossed the line in doing business beyond the law," asserted company's chairman emeritus KP Singh while sharing his thoughts about his links and deals with politicians over the course of his journey to success.
Giving an example of his father's teachings, Singh, in an exclusive interview to CNBC TV-18, shared, "My father said politics and business don't go together," He even added, "You should have politicians as friends and well-wishers not business partners."
On the point that politics and business don't go together, Singh also mentioned that his biggest learning through political connections is to never get too involved in it.
Further, speaking exclusively about the 2011 Robert Vadra land deal, the DLF patriarch expressed that the company doesn't regret deal with Vadra. "Without that deal, DLF would have lost a of money," Singh added.
The deal dates back to 2011 when then activist Arvind Kejriwal (now chief minister of Delhi) accused Vadra of taking an interest-free loan of Rs 65 crore and heavy bargains on land from DLF Limited in exchange for political favours. DLF responded that it had dealt with Vadra as a private entrepreneur and that the loan was 'Business Advance' given in accordance with the practice of trade to make payments for land purchased from Vadra. The company also said that it did not sell him land at a discounted price and that no quid pro quo took place.
"Robert Vadra was a businessman, he was not a politician at that time. A businessman knows how to make money... Vadra bought land because he knew how it will be developed and that land was very vital for us," Singh opened up about DLF-Vadra land deal.
Singh also added that in light of the controversies back then, "In a real-estate business, if some pockets of land come, which are either defacing your entry or are inside, we have to buy them, irrespective of who they are. There is no politics in it... "
He also pointed out that there were distortion of facts done by politicians, adding, "We did our job right and there were no irregularities with the business."
"Humko farak nahin padhta...we are used to it," the 92-year-old property baron expressed.
Moreover, the DLF patriarch also shared a blueprint for making India an infrastructure powerhouse. He said India's $5-trillion GDP goal needs commensurate infrastructure and new cities need to come up.
"Govt should acquire land and private sector should develop the land parcel. India needs new cities; Noida is a good example," Singh stated.
He further underlined the importance of government acquiring land and auctioning it out to private sector for development of townships. He said the government can acquire land for highway infrastructure but not for townships. He also added that the development of townships should be done by the private sector through partnerships.
About KP Singh, India's billionaire real estate developer
Born on 15 November 1931, KP Singh left an army posting in 1961 to join DLF, a company started by his father-in-law, Chaudhary Raghvendra Singh, in 1946.
Known for changing the rules and course of the sector, he took DLF, which developed some of the most well-known residential colonies in Delhi such as Model Town, Rajouri Garden, South Extension, Greater Kailash, and Hauz Khas, to being the largest publicly listed real estate company in India, with residential, commercial, and retail properties in 15 states and 24 cities.
DLF in a way created Gurgaon, now known as Gurugram, on the outskirts of Delhi after Singh built his showpiece township DLF City, by acquiring land from farmers.
Singh's contributions to the wider community and nation-building have won him numerous international and national awards, including the Padma Bhushan in 2010. He stepped down as the chairman after more than five decades in that position, in June 2020. DLF is now run by his son Rajiv.
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