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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.