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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."
IT'S a great feeling to know that our flagship project, Brigade Gateway, continues to be recognised with awards. The most recent one is from CNBC AWAAZ: for Orion Mall, the WTC office building and the residential buildings—allconsidered the Best in Class.
With the launch of our much awaited Brigade Pinnacle luxury apartments, we have made our maiden entry to the city of Mangalore. Similarly, with the launch of Brigade Serenity, we have taken the Brigade presence to Chikmagalur, which happens to be the home town of Brigade Group’s promoters. In Bangalore, we recently launched Brigade Omega, on Kanakapura Road. Bangalore will witness a number of new launches from Brigade Group in the coming months.
Our association with Sporting Edge—an initiative of the legendary Australian cricketer, Steve Waugh—should be a great boon to the residents of Brigade Orchards and those living in its neighbourhood. Apart from cricket, Sporting Edge will set up Academies for swimming, athletics, football and basketball.
Brigade’s 'Experience Centre', set up on the ground floor of our headquarters at World Trade Center Bangalore, in the Brigade Gateway enclave, is a one-stop-shop for marketing properties promoted by Brigade Group, across cities. I hope this initiative will be appreciated by prospective customers.
Barack Obama continuing as the President of the USA for a second term is expected to bring stability to their economy. This should help Indian software companies, who have become the prime employment generators for the Indian educated middle class. This should also auger well for the property scene across the country.
Unfortunately, the political scene in our country continues to be unstable. It is extremely sad that an economy which was zipping ahead a few years back, is now limping along slowly due to complacency, lack of good governance and political fights. This ‘one step forward; two steps back’ approach by our government has hurt our growth badly, resulting in a widening gap between China and India. We, as Indians, are rich in potential, but poor in the ability to deliver.
While allowing FDI in retail is a step in the right direction, the number of onerous conditions imposed is unlikely to bring the desired results.
Narendra Modi's re-election in Gujarat for the third time has shown real development and good governance will be appreciated by all classes, castes and religions. This should be a great lesson for other states to follow; particularly Karnataka, which is continuing to suffer due to the political chaos in the state during the last few years. The saving grace is the availability of educated manpower, the good nature of people and salubrious climate in many parts of the state, particularly in Bangalore. This draws investment, in spite of the poor macro-environment.
The Reserve Bank of India, in its wisdom, is continuing to keep the interest rates high. This, of course, may be helping in containing inflation, but it is affecting GDP growth. Experts feel the high interest rate regime is likely to continue for the next few years. We should be grateful for the spirit of Indian entrepreneurs, who continue to remain positive and eager to perform, despite a plethora of not-so-friendly policies and an uncertain political climate.
Continuing atrocities against women in our country, particularly in the nation’s capital, are a matter of great concern. Only severe punishment and quick delivery of justice can help overcome the shameful problem.
Continents away, a culture of wild lawlessness seems to be making an entry into the USA. Their love for guns has created enough and more problems by way of inhuman killings. Despite this, no lessons seem to have been learnt, with the majority seemingly disinclined to bring about a change in gun control policies.
The expected 'End of the World' as per the Mayan calendar hasn’t happened … thankfully! Mankind has survived. We can relax and celebrate—and welcome the New Year. So here’s wishing all of you season’s greetings and a great 2013.
THE last few months have been event-filled and eventful at Brigade Group. In June, we successfully bid for a prime property of Hindustan Unilever and have taken private equity, for the first time, from the very reputed and huge sovereign fund of Government of Singapore (GIC). July saw the successful launch of Value+ Homes at Brigade Orchards, Devanahalli. To name a few more of the many significant events that took place in this period: we opened a representative office in Silicon Valley, through a tie up with Legion Real Estate; Orion Mall went into top gear with events; and another round of successful property exhibitions—Brigade Showcases—were held across India and abroad.
CREDAI, the industry body, recognising Brigade Gateway as the Best Integrated Township and WTC as The Best Commercial Office Space in the country is the icing on the cake. I thank the leading industry magazine,Construction World, for their editorial decision to bring out a special supplement on Brigade Gateway. When the editors visited Brigade Gateway, they were so impressed with the project that they took an instantaneous decision to feature it in a supplement!
IT feels good to get the recognition of Great Place to Work Institute for the second year in a row. Our standing has improved. On the subject of Brigadiers, I am amazed at the wealth of cultural talent in Brigade Group, which was wonderfully evidenced in the Annual Culture Fest.
PEOPLE in the know say that most western economies—the USA and Europe—are recovering. The gloom and doom of last couple of years should soon be over. But unfortunately, our country and state are continuing to witness political chaos and rudderless governance. With a billion-plus population and huge internal market, there was no need for India to be in this position after many years of 8%+ growth. It is a self-inflicted injury; the result of carelessness, complacency and lack of vision and thought for the future. I heard in a talk given by Singapore's Urban Development Minister last year at the CREDAI Annual Convention that after their Independence in 1965, the vision of the Singapore government was to make Singapore like our Calcutta! (Yes, one may feel it difficult to believe this!) Singapore’s current situation shows what one can achieve with proper vision and a desire to do good for the country.
As if adding insult to injury, many parts of Karnataka are facing drought. The weather pattern across the globe seems to have drastically changed, making meteorological predictions that much more difficult. Care for the environment should be the top agenda for any city, state or country.
THE demand for housing continues to be healthy, but is becoming more segmented. Still, there is a crisis of confidence in the way the economy will shape up in the months ahead. Top level changes in the finance ministry at the centre are expected to bring some cheer, after all the policy damage created in the last one year.
THE festival season has begun. It gives reason for people to forget the tough realities of life and celebrate with their near and dear ones. We wish you the very best for the festival season.
APRIL 21, 2012 was a red letter day for Brigade Group—the day that Orion Mall was completed. What sets this day apart as an especially significant milestone in our history is that it marks not just the completion of the mall, but, more importantly, the completion of an iconic project: Brigade Gateway. Both the enclave as a whole, and the individual components within it—Orion Mall, World Trade Center, Sheraton Hotel, Galaxy Club, The Brigade School, Columbia Asia Hospital—have set new standards in development. Brigade Gateway has set benchmarks for others to follow. The Orion Mall launch event itself was considered by many to be the best product launch ever in Bangalore. This milestone, coupled with shifting of our Corporate Office to WTC @ Brigade Gateway, should be considered a new chapter in the life of the organisation..
Sheraton Bangalore Hotel @ Brigade Gateway received a coveted recognition at the annual HICSA Conference of HVS: as Best New 5 Star Upscale Hotel in South Asia in 2011. What is significant and very satisfying is that our Mercure Homestead Serviced Residences (now Grand Mercure) won a similar award in the Apartment Hotel category in 2009, making both of our hotel properties the 'best in class'.
As they do every year, the Central and State budgets, in the first quarter, bring new taxes and reliefs. While the Karnataka budget was thankfully mild, giving relief by way of reduced Stamp Duties, the same cannot be said about the Central budget. Excise Duties and Service Tax was increased substantially, adding to inflation when the government is talking of reducing it! While 50 basis points interest reduction by RBI is a positive step, it is insufficient to boost the industry and trade sentiment. It is to be hoped that a further reduction in interest rates will be announced soon.
Finance ministry’s flip-flop policies in taxation, particularly with retrospective effect, has sent a scare to foreign investors affecting fresh FDI into the country. Retrograde legislations like GAAR will only make matters worse. The country has to stop the 1-step-forward-and-2-steps-backward approach to development issues.
The mood among industrialists and businessmen continues to be subdued, with not many positive signals or developments seen in the national and international scene. With all the efforts being made by the European leaders, one is not sure whether the debt crisis bothering Europe (and, in turn, the world) is over.
The power crises in the mid-90s prompted both central and state governments to launch many power sector projects, which helped improve the situation over the past ten years. Then complacency set in and most states are back to a power-starved situation. Power sector policy paralysis has only worsened the outlook for relief in the near term, which is bound to have an adverse effect on GDP growth. The not-so-encouraging monsoon prediction will be a matter of concern to all.
A study by the National Housing Bank, published in Times of India on 21 April, says that real estate prices in Namma Bengaluru have been one of the slowest to rise during the last five years, in comparison to other cities. For the most part, Bangalore rates have remained at what they were in 2007. This should make buyers act fast in making their investment decisions, which, in turn, will bring some cheer to the developers.