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On the other hand, GST implementation is a mammoth effort. We must credit the State & the Central Government for all the proactive steps, they are taking to make this most complicated initiative a success. Over time, the benefit to the country will be immense and there will be a paradigm shift in the way, business is conducted across the country. While there are many critics, one should remember - Nothing ventured, Nothing gained. GST is one major legislation to help integrate our subcontinent. It is generally felt that other initiatives like ‘Make in India’ are beginning to make the intended impact, as order books of several Indian manufacturing companies are believed to be full.
The much-awaited RERA has come into effect in most States during the last 6 months. It is bound to have its disruptive impact on the sector but will help separating the ‘grain from the chaff’. Realizing that the Indian Real Estate is still reeling under the three-pronged attack (Demonetisation, GST & RERA) , the Central government has liberalized the Pradhan Mantri Awas Yojana (PMAY) scheme by extending credit linked subsidy of about INR 2.30 lakhs to even good sized apartments of upto 150 sq. mts. for people with income up to INR 18 lakhs. This should surely help in giving the required push, to improve demand for real estate. With ‘profit booking’ expected in stocks & mutual fund investments, some amount of the profits are expected to flow into the Real Estate sector, which is also showing ‘green shoots’ in Q3 as compared to earlier quarters.
During the last few months of the year, we were able to complete a number of projects (Brigade AT No 7 in Hyderabad; Brigade Mountain View & Pearl at Brigade Palmgrove in Mysore; Brigade Cosmopolis and Brigade Lakefront ‘A’; Brigade Omega and Wisteria @ Brigade Meadows; Cedar, Deodar and Parkside @ Brigade Orchards; Brigade NorthRidge; Brigade Bhuwalka Icon, all in Bangalore). Our 274 keys CBD hotel, Holiday Inn Express Race Course Bengaluru became operational helping us cross the magical 1000 room mark, under our portfolio. And we are gearing up to launch several exciting, new Commercial & Residential projects, mostly in Bangalore and a few in Mysore.
With all the surprises and shocks of the last twelve months behind us, one hopes that the New Year will auger well for Brigade and for the Indian economy. With that hope, wishing everyone, Season’s Greetings and a Happy and Prosperous New Year."
—Jaishankar CMD, Brigade.
THE hot news, transformational in nature, which is on everyone’s mind, is the kind of electorate support the Aam Aadmi Party received in the Delhi Assembly elections. One could see the freshness of their approach, genuineness in their statements and a desire for change by the citizens of Delhi. I only hope and wish AAP succeeds in administration, if they agree to form the government.
Very unfortunately, in the last few years, the Indian economy has lost direction and has slid in importance and stature in the world economy. The only possibility of regaining the lost credibility would be to have a strong leadership and a stable government which cares for the nation and its people. I hope the April-May 2014 elections will bring such a government in to the Parliament.
In the last two to three months, the Central Government has taken some positive policy steps, though only after getting pushed against the wall. Investors, always eager for positive news, have lapped it up. The silver lining, of course, is the appointment of a very forward looking and intelligent RBI Governor—Mr Raghuram Rajan.
Brigade Cosmopolis on Whitefield Main Road, our joint venture residential apartment project with GIC (Govt of Singapore Investment Corporation), was launched in October. It has been very well received by customers. Brigade Symphony on KRS Road in Mysore, a well planned residential project with plentiful amenities and large open spaces, has received a similarly satisfying response.
The first phase of our large Affordable Value Homes project—Brigade Meadows, next to Art of Living in South Bangalore—is nearing completion. It is good to know that CNBC Awaaz has recognised the project as the 'Best' in its category. This should auger well for the launch of the second phase, to begin shortly.
Brigade Group has recently introduced ESOPs (Employee Stock Options), to begin with, to its middle- and senior-level managers. It is probably the first initiative of its kind among Real Estate Developers in the country and one hopes it helps in motivating the staff to perform better.
I am glad Mr Aroon Raman, Wharton educated industrialist and fiction writer, has joined the Board of Brigade Enterprises Ltd as an Independent Director, in place of the late Dr A. Ramakrishna. The Group will surely benefit from his guidance and support.
Our corporate philanthropic support to the Centre for Indian Music Experience or IME (an interactive museum of music coming up in South Bangalore) is certainly helping to speed up project completion. The base building was unveiled by the Chief Minister Sri Siddaramaiah, in the presence of Sri S. M. Krishna, MP, and Sri Ananthkumar, MP.
As 2014 approaches, I wish all readers a Merry Christmas and a Happy New Year.