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The Central Budget - 2016, in general, was a commendable exercise by the Finance Minister. He was able to deftly handle many difficult issues. Thanks to the benefit the country is deriving from low oil prices in the international market, we can only hope that industrial growth picks up the way it is expected by the Government. It is sad that most State Government’s are not keeping pace with the vision of the Prime Minister and the efforts of the Central Government, to give a bigger push to the Indian economy.
The Central Budget has done its bit to give a push to the Real Estate Sector, particularly to affordable housing. So also, the much talked about Real Estate Investment Trusts (REITS), which should help unlock a lot of capital for commercial property developers and help bring in foreign exchange to the country. However, the concept of Smart Cities requires more clarity and much more fund allocation for the initiative to succeed.
Real estate sector continues to be plagued by excessive taxes, duties, charges under various heads by the Central, State & Civic Governments, resulting in an impact of more than 30% of the product price (whether it is affordable housing or otherwise) incurred by the consumer. To realise the dream of ‘Housing for All’ by 2022, an essential element is to reduce the numerous taxes and charges on the housing sector.
5 State Governments are in election mode. The results are important to the present Government at the Centre to implement many major policy initiatives – GST for example. One wonders why so much of governance time is lost due for conducting elections at the Centre, State & Civic bodies at different times? If elections are held together for all, huge saving of resources and time could be achieved. The Indian election commission has the capability & has already excelled in conducting National & State elections very efficiently.
With bank interest rates in the downward mode, if the ruling party in the Centre does well in the State elections & gains majority in the Rajya Sabha, and if the country receives good monsoon during the next few months, there is no reason why the consumer & investment sentiment should not change for the better very quickly. With this hope, optimism for the future continues."
In the last few months, the country has been riddled with scams which have shaken the confidence of people. Whatever little hope we may have had of an improvement in the moral fabric of our society has gone with the wind. Cynics have won over optimists. We have also been bombarded with WikiLeaks and the Radia tapes expose—which has not helped in improving the mood of the public.
The saving grace in an otherwise bleak scenario is Sachin Tendulkar's 50th test century in cricket. The master blaster has brought tremendous joy to millions of people, making him worthy of consideration for the Bharat Ratna—our nation's highest civilian honour. It is ridiculous to go on debating whether Sachin is better than Don Bradman. In my opinion, both are 'greats' in their era. We should leave it at that. We should now look forward to Sachin completing 100 centuries in International Cricket. Just four more to go and he should surely do it.
It feels wonderful to know that our WTC building is the 'Best Commercial Project of the Year 2010' in the entire country. The vision of—and meticulous planning by—the entire team has contributed to making Brigade Gateway (of which WTC Bangalore is a part) a unique and one-of-its-kind project…not just in Bangalore, but in the country and most probably in the entire world. To the best of my knowledge, there is no project in an urban centre anywhere in the world with all the components of Brigade Gateway: club, hotel, hospital, mall, offices, residences and a school.
In September, I was part of the State delegation, led by the Chief Minister, to the World Economic Forum (referred to as the Summer Davos) at Tianjin, China. It is mind boggling to see the fast pace of infrastructure development that China is going through. Their future plans are beyond the imagination of most countries and their determination to excel in anything they put their mind to, has to be seen to be believed. Apart from true appreciation, one can get jealous of their development; get depressed with the lack of similar progress in our country, though we have the opportunity and potential; and also get scared at the might of our big brother neighbour who is breathing down our neck.
Brigade Group completed 24 years of existence on 10 October 2010! As we enter our 25th year, we are gearing up to launch 25 new projects-big, medium and a few small ones-apart from completing some of the ongoing projects in early 2011.
As we look back, there is a certain amount of satisfaction … which gives us the determination to work hard for a brighter future and to create a 'better quality of life' for our customers, who are the bread and butter of our business..
Wishing you Seasons Greetings and a very happy, peaceful and prosperous 2011.