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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 is a fantastic feeling to be adjudged as ‘The Best Place to Work’ among all the Real Estate Companies in the country. We sincerely thank the Economic Times & the internationally acclaimed The Great Place to Work Institute for this recognition. It will certainly motivate us to continue to adopt & innovate, when it comes to people friendly HR policies. It is heartening to note our Group received a number of Awards during the last few months; be it ‘Hotel Owner of the Year’ at the Hospitality Leaders Industry Choice Awards, or the Best Luxury Residential project for Brigade Caladium and even those awarded to individual Brigadiers.
The Indian economy is just chugging along. Unfortunately, the new Government has not been able to meet the high expectations of the people & the industry. Probably they promised too much in a short span of time. All said & done, ours is a complicated economy with too many pulls & pressures from all directions, apart from multiple vested interests. One can only wish & pray that our dynamic Prime Minister will ultimately succeed in his efforts to improve the growth rate and put the Indian economy on the right track. For too long we have been a third world country.
While the government understands the importance of Tourism, too little is done to improve the inflow of foreign tourists with high spending power. With a population in excess of 1200 million, we have tourist inflows of only 6 million. That hardly works out to 0.5% of the population. A not so prominent country like Croatia, has a tourist inflow of 12 million with a population of just 4 million. The impact of tourism on Croatia’s economy & job creation for ordinary citizens is huge.
Bangalore Citizens will elect new representatives (Corporators) to the City Council in BBMP (Bruhat Bangalore Mahanagara Palike). Hopefully, the representatives who get elected will actively work towards improved Urban Infrastructure like better quality roads, traffic management, waste management & related issues.
Recently, Sheraton Bangalore Hotel at Brigade Gateway was rebranded as Sheraton Grand at Brigade Gateway. It is one of the only 10 hotels in the world to be rebranded amongst all Sheraton Hotels, based on parameters such as superior product, service & customer satisfaction.
We recently concluded Brigade Showcase, our annual property exhibition. The event witnessed robust support in an otherwise subdued market environment, thanks to a good choice of product offerings in different locations, apart from the Group’s brand strength.
The Festival season is around the corner - Onam, Ganesh Chaturthi, Eid Ul-Adha, Dussehra, Diwali & Christmas - Seasons Greetings and best wishes to each and everyone.
The first 4 months of the new year witnessed Awards galore to Brigade Group's projects & its people: Brigade Meadows was awarded the Best apartment project in its category by NDTV; Orion Mall was considered the Best Shopping Mall in South India; Nothing gives more satisfaction than being recognized by ones own fraternity - CARE Awards instituted by Credai Karnataka considered, in their categories, Brigade Rubix as the Best Commercial building; Brigade Sparkle as the Best dwelling; more importantly recognized Brigade Group's CSR efforts as the Best by a Developer. At a personal level I was recognized for my Outstanding Contribution to the Real Estate Sector in Karnataka. Our CFO Suresh & COO Manjunath Prasad also got recognized by different organisations. Certainly satisfying. This should motivate all in Brigade to continue to perform well & exceed expectations.
Post Central Budget, there is a sense of disappointment by the business & industry. Much was expected but the budget pronouncements fell woefully short. While the new government proclaimed 'Housing for All' by 2022, the budget contained zero incentives or policies to encourage housing. Affordable Housing for the Middle Class & EWS Housing for the poor certainly deserves tax incentives apart from favourable regulations.
With inflation under check, by & large, lower interest rate regime was expected, but that has not happened. While RBI knows best what it is doing, lower rates have the capability to give the push the Indian economy deserves. Increased activity in infrastructure & real estate has tremendous positive impact on the core sectors of industry and will help improve our GDP growth. Our neighbour China is the best example of what improved infrastructure can do to the economy.
Number of our projects have reached the critical stage of completion. It is a challenge our team is ready to face & working hard to achieve before Diwali.
IPL cricket is growing from strength to strength. It has helped spot talent and has given opportunity to many cricketers to show their mettle. I wish similar efforts in other sports also taste success. A nation of billion plus people is bound to have the talent. Right environment & encouragement will help deserving sports people blossom.
Unseasonal rains have created havoc to agricultural sector in many states. We should hope & pray that the country receives good monsoons in the next few months, which should in turn have a favourable impact on the economy.