A
few thoughts...
While the announcement of the expected and inevitable mid-term polls has
brought the suspense to an end, the continuing political chaos is taking
its toll on the already bruised and battered Indian economy. But the timing
seemed most inopportune for the real estate business, as many major decisions
were expected to be taken in the winter session of the Parliament—repeal
of the Urban Land Ceiling Act; introduction of Foreign Exchange Management
Act; amendments to the Income Tax Act (incentives for infrastructure projects),
etc.
Considering that many leading economies of Asia are undergoing a turmoil,
a stable government at the centre would have helped bring in major foreign
investments into the country.
One should pray and hope for a stable government in the
ensuing elections, something which the citizens surely deserve. Otherwise,
the sleeping tiger will slide into deep slumber.
Since the economic downturn was triggered by the fall in the stock market
and real estate, the revival may be led by the same sectors. With alternate
investment avenues like gold, bank deposit rates and stock indexes down
in the dumps, and real estate prices, after substantial drop, having stabilised
at pre-boom price levels, selective investment in Indian real estate (Bangalore
in particular) should bring in handsome returns for the long-term investors
and actual users. With the recent depreciation of the rupee, Indian real
estate has become all the more attractive to the Non-Resident Indian.
As the curtains come down on what may be called the most forgettable year,
one hopes 1998 will bring the smiles back to many faces.
With Best Wishes for a Happy & Prosperous '98!
M.R. Jaishankar
Managing Director
Brigade
launches two new projects
The bhoomi
puja of Brigade Lavelle, luxury apartments, was held on 7 Nov.
Situated
on a quiet private lane off Lavelle Road, Brigade Lavelle has 3 blocks.
Its red-brick structure, tiled roofs and greenery give it an ambience of
a country retreat in the heart of Bangalore. Architects: Thomas Associates.
Two blocks will have 16 luxury apartments, 8 apts to a block—all 3-bedroom—2
apts to a floor, with areas ranging from 2025–2130 sft. Its luxury facilities
include a swimming pool, ample covered parking space, back-up power. Consumers
also have the option of getting designer wardrobes and kitchen cabinets.
Brigade Lavelle III is another first for Brigade. It
will have 1- & 2-bedroom fully-furnished executive suites / service
flats / transit flats and several unique facilities.
12 Nov. saw the bhoomi puja of Brigade Point, customised commercial
space, situated behind Hotel Ashok, on Railway Parallel Road, Kumara
Park (West).
Architects Chandavarkar and Thacker have planned Brigade
Point on an area of approximately 11,000 sft, with a total super built-up
area of 25,000 sft.
Brigade Point is in close proximity to four 5-Star hotels—West
End, Windsor Manor, Le Meridien and Hotel Ashok. It is ideal for Software
Companies and Corporate Offices, and has both lease and sale options.
American
study reveals India as good investment destination
Popular perception that India of late has become unattractive to foreign
investors may be wrong, after all. A recent survey, conducted by the U.S.
Embassy in New Delhi, of 135 American companies whose estimated market
value of investments stood at $ 2.1 billion in India, reveals their perception
that India’s economic growth during 1997–2001 will be "substantial." The
favourite destination of Americans are the major metropolitan areas of
Bangalore, Mumbai and Delhi.
The survey said that 79 of 132 respondents felt that the investment climate
in India in general is good, particularly in the southern and western states.