As India’s largest developer, DLF has a clear stake in the country’s continued economic development. So far, it has completed more than 25 million square feet of residential, office, and retail space, and more than 45 million square feet are under construction. But Rajiv Singh, DLF’s vice chairman, worries that the country isn’t building infrastructure fast enough to get workers, shoppers, and residents to and from these developments efficiently.
DLF’s fortunes have always been linked with India’s success: the company got a second wind in the early 1980s, after Singh’s father happened to meet future prime minister Rajiv Gandhi1 on a dusty road outside Delhi and struck up a conversation about urban development. Singh is confident that the nation’s continued economic growth will keep demand high for his projects. That sentiment was underscored this June by DLF’s initial public offering, which raised $2.4 billion—the largest IPO in India’s history.
Singh, a major force behind DLF’s success, recently talked with Ranjit Pandit, formerly a director in McKinsey’s Mumbai office, about constraints on India’s growth and Singh’s aspirations for the company.
The Quarterly: What’s behind India’s recent growth?
Rajiv Singh: What really needs to be understood is that this growth...