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Founder's Message

Founder
MR M.R. JAISHANKAR
CMD
"2016 has been a challenging year so far for companies, the state, the country & the world. Most countries in the world are struggling with troubled economies. The silver lining seems to be, United States, whose GDP is growing at a healthy rate of 3%, plus considering it is the largest economy contributing to 25% of the world’s economy. Though China’s GDP is growing at 6.5% & India’s at 7.5%, both countries have the problem of excess manufacturing capacities which were built to meet the expected demand of higher growth rates. India’s growth rate is questionable after the government changed the base data for calculations. What is surprising & distressing is that the State of Karnataka, generally considered as a progressive state, had a growth rate of 6.5% last year, which is below the national average.

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."
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ARCHIVE INDEX
"A few thoughts…" is a column that our CMD Mr M.R. Jaishankar writes regularly for our house journal Brigade Insight. A few of his columns are reproduced here."
December 2014

I must say, our Prime Minister Sri Narendra Modi has managed to put India in the centre stage of global politics. Through his deft handling and statesmanship, he has enhanced both his own image and that of the country. His address to the NRI community at Madison Square Gardens in New York, and also in Australia, is nothing short of a rock star performance. The BJP’s performance in the Maharashtra assembly elections is another remarkable feat. It is no wonder that Time magazine has rated him amongst the world’s top personalities in 2014. We all need to wish him well. The hopes of a billion plus people for a better life and better country rests on Narendra Modi and his team..

****

ON the economic front, while the mood of business and industry is positive, this positive effect is unfortunately not felt at the ground level. Our GDP growth rate, for instance, is yet to improve. It is believed that the many structural changes that are being effected will, in time, give results. Since it is only seven months since the new government took over, one should give the situation the benefit of doubt. But if the economy does not start showing signs of growth by the time the central budget is presented in February 2015, citizens are bound to express disappointment. The BJP government is lucky that our country is the beneficiary of a 40% drop in the international price of oil. It remains to be seen how the huge savings in our import bill will be utilised for the development of the country. It is to be hoped that it will not go towards importing unproductive gold!

****

EVEN when the economic activity in a huge country like India is not strong, cement manufacturers have managed to cartelise and increase the price of cement by over 50% during the last few months. This is bound to adversely affect construction cost and will lead to increased real estate prices over a period of time. They will make hay while the sun shines (in other words, before the government's Competition Commission can act or react).

****

THE timely completion of the 256-apartment Aspen block, in the Brigade Orchards integrated smart township in Devanahalli, by our in-house precast construction team, is a creditable achievement. Brigade Group may be the only developer in the country, so far, to have an in-house precast plant. We are pleased to say that construction work at various Brigade Group projects is progressing well (though there have been a few hiccups in some cases). The coming year should see the completion of quite a few of our residential, office, retail and hotel projects.

****

SOME more breaking news from Brigade Group: We will be making our maiden entry into Gujarat State with residential and commercial projects in the well-conceived and planned GIFT City—probably the first Smart City to come up in the country, as per the vision of our Prime Minister. As part of our customer-friendly initiatives, we have launched a customer portal and an online booking Platform, complete with payment gateway.

****

IT is highly creditable that Brigade Hospitality's HIGH Ultra Lounge, on the rooftop of WTC Bangalore, has won the Times Food Award as the Best Lounge Bar in Bangalore in its very first year of operations.

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IN a moving ceremony, family members of the legendary musician, Bharat Ratna Pandit Bismillah Khan, donated his priceless shehnai to the Centre for Indian Music Experience, which is supported by Brigade Group, among others.

****

OUR CSR activity to rejuvenate Sitarampalya Lake in Whitefield is showing excellent results. But it is a major challenge to stop the inflow of sewage. Cooperation from the civic authorities and neighbourhood buildings is sadly lacking.

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THE time to exchange greetings, enjoy holidays and celebrate family togetherness is just around the corner. I end with warm wishes for a joyous Christmas and New Year to all; may 2015 bring cheer and peace to our lives.



September 2014

SINCE our previous issue, much has changed in India’s political scenario. Thankfully, a single political party, for the first time in 30 years, has secured majority in the world's largest parliamentary election. Sri Narendra Modi's win has surpassed the BJP's own expectations. The positive sentiment it has created can be judged by the way the stock market has reacted and from the poll results to Team Modi's 100 days in government. Our elected representatives have a long way to go in enabling the Indian economy to reach its potential and in converting expectations into reality. The challenge of making the 'elephant in slumber' run is huge; but it is possible, judging by Deng Xio Ping achievements in China in the 1980s. The Indian economy needs to be unshackled from bureaucratic controls and inconsistent policies. By implementing forward looking policies, the government should assume the role of a good facilitator, encouraging business and industry to flourish. One hopes the lack of a good monsoon will not adversely affect progress, given the historical fact that the share of the services sector in the Indian economy has been more than that of the agriculture sector.

****

With a few exceptions, the effect of improved sentiment in the economy has not yet had a positive effect on the Indian real estate sector. In any case, due to its very nature, the real estate business is slow to react—unlike the stock market or gold, which are always regarded as alternative investments to real estate. But considering our Prime Minister's desire to provide 'housing for all' by 2022 (the 75th year of Indian independence), the potential seems to be immense. The task, however, is daunting. The government should also aim to provide clean air, clean water, good sanitation and electricity to the entire population. Why should Indians be deprived of the same quality of life that we see people enjoying on our travels to the Far East, Europe and America? Indian citizens certainly deserve better facilities.

****

A significant development at Brigade Group is, of course, the understanding with GIC of Singapore to jointly invest up to INR 1500 crores in real estate projects. It is a show of confidence in a relationship that began with our joint acquisition and development of the Brigade Cosmopolis property. I hope and wish the association becomes stronger in the years ahead.

****

The internationally recognised Great Place to Work Institute and Economic Times have, for the fourth consecutive year, rated Brigade Group as one of the best places to work. We have been ranked second amongst real estate companies and 87th amongst all companies rated in the country. It is a satisfying recognition of our efforts to create a good working atmosphere for our people.

****

As part of our CSR, we have installed—for the first time in Bangalore—a pedestrian skywalk with escalators on Dr Rajkumar Road, in front of Orion Mall, for the convenience and safety of the general public. If we are to tackle the problem of indiscriminate pedestrian movement across our roads, the city should have more skywalks and subways, preferably with escalators.

****

Responses to pre-launch bookings for Brigade Panorama, Mysore Road and Brigade Northridge, near Yelahanka, have been good. The same is the case at Brigade Mountain View, Mysore. We are happy to note that handing over of the first set of apartments to clients has started at Brigade Meadows, our large integrated project on Kanakapura Road.



April 2014

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.



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