DLF Chairman Rajiv Singh's remuneration for FY24 increased to Rs 27.30 crore, up 38% from the previous year. The real estate giant also saw strong sales bookings and revenue growth.
Photograph: Anindito Mukherjee/Reuters
New Delhi, Jul 17 (PTI) Realty major DLF's Chairman Rajiv Singh has received Rs 27.30 crore as remuneration for 2023-24, up 38 per cent year-on-year, according to the company's latest annual report.
As per a list of remuneration paid/payable to directors/KMPs (key managerial personnel) in 2023-24 contained in the annual report, DLF's Chairman and whole-time director Rajiv Singh has received Rs 27.30 crore as remuneration for the last fiscal against Rs 19.77 crore in the preceding financial year.
In the latest GROHE-Hurun list released recently, the 65-year-old Singh is the richest real estate entrepreneur, having a wealth of Rs 1,24,420 crore. Among real estate firms, DLF secured the top spot with a valuation of Rs 2 lakh crore.
As per the annual report, DLF's Managing Director and Chief Financial Officer (CFO) Ashok Kumar Tyagi has received Rs 13.52 crore as remuneration for 2023-24, which is 27 per cent higher than Rs 10.64 crore in the preceding year.
The remuneration of Devinder Singh, Managing Director of DLF, is Rs 13.52 crore for the last fiscal compared to Rs 10.74 crore in 2022-23.
Ashok Kumar Tyagi and Devinder Singh became Managing Director with effect from August 4, 2023.
Tyagi was appointed as the company's CFO with effect from May 13, 2024, in addition to his existing role and responsibilities as the managing director.
According to the annual report, DLF said, as per the policy, the company pays remuneration to its Executive Directors by way of salary, benefits, perquisites and allowances (fixed component) and commission (variable component).
Annual increments are approved by the Board of Directors, based on the recommendations of the Nomination and Remuneration Committee (NRC).
Based on the recommendations of NRC, the Board of Directors decides the commission payable to the Executive Directors and Non-executive Directors, out of the profits of the company within the ceiling as prescribed.
DLF is the country's largest real estate firm in terms of market capitalisation.
It has developed more than 158 real estate projects and an area of over 340 million square feet.
DLF Group has 215 million square feet of future development potential across residential and commercial segments.
It has an annuity portfolio of over 44 million square feet, with an annual rental income of more than Rs 4,000 crore.
DLF's consolidated revenue (including other income) grew to Rs 6,958 crore in 2023-24, delivering a 16 per cent growth year-on-year.
Its total comprehensive income witnessed a robust year-on-year growth of 33 per cent and stood at Rs 2,730 crore during the last financial year.
On the operational front, DLF has achieved strong sales bookings during the last two financial years, driven by a significant surge in demand for its luxury homes.
In 2022-23, it clocked a record sales of Rs 15,058 crore, while the company reported a sales of Rs 14,778 crore in 2023-24.
For the current fiscal (2024-25), DLF has set a 15 per cent growth target in sales bookings at Rs 17,000 crore, as it plans to launch many luxury housing projects across Gurugram, Goa and Mumbai.
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