Our world is in turmoil. The mindless war in Ukraine continues. The number of Covid cases across the world has gone up to 650 million with 1% mortality. In other words, about 6.5 million deaths. The numbers are going up in the United States and more particularly in China – thebirthplace of the Wuhan virus.
With inflation levels inchingtowards double digits in Europe and parts of America, talk of recession in the western world is gaining momentum. Our country, by and large, seems to be insulated. The question is for how long will we be insulated in this globalised world. Only time will tell. Despite what is going on around us, Indian stock indices have reached an all-time high! It is an enigma. There is money with the Indian public with few options to invest. Unfortunately, big investments in the industrial sector are not happening to the desired extent to match the government’s expectations. Probably, Indian businessmen feel the risk factors are high based on macro indicators with impending elections in many States during 2023, and the Parliamentary elections in 2024, which is not far away. To reduce inflationary effects, Central Banks across the world, led by the US Federal Reserve, have increased the base interest rates significantly. The Reserve Bank of India has followed suit. The full effect of increased interest rates is yet to be felt by the business community. However, it is bound to hit profit-ability across sectors and the risk factors of higher borrowing will only increase.
In such a scenario, the Indian real estate sector is holding the fort and has shown a lot of resilience. The residential sector continues to do well. Business in retail malls and multiplexes is at an all-time high. Hotel occupancies and ADRs have also bounced back and have exceeded pre-COVID levels in many cases. The only area of concern is office leasing business, where companies in the IT sector are showing cautious approach and postponing major decisions. Employment generation is a key factor for the health of real estate business. However, Indian companies in the software sector and GCCs (Global Capability Centres) expect higher offshoring over time to ensure companies profitability is maintained in their home countries.
Having received all approvals for our residential projects – Brigade Valencia on Hosur Road and Brigade Calista on Budigere Road, the team is geared up to launch both large sized projects in the new year. Response to our maiden large plotted development project – Brigade Oasis on Devanahalli to Doddaballapur Road is very encouraging, having sold the 1st phase in a short period.
Succession in leadership is a necessity at various levels in any organisation. The time has come for me to take a step back from day-to-day routine activities. Having crossed 67 years in age, our Board of Directors have decided to elevateExecutive Directors Pavitra and Nirupa to Managing Director and Joint Managing Director, respectively. They are both eminently qualified with MBA degrees from Ivy League colleges – Columbia Business School and Cornell Business School, and each with more than 15 years’ work experience. They are both young, energetic, full of ideas and ready to work hard. I will continue as Executive Chairman.
I am happy and proud that FKCCI (Federation of Karnataka Chambers of Commerce and Industry) conferred on me the ‘Bharat Ratna Sir M. Visvesvaraya Memorial Award 2022’ on his birth anniversary, September 15, which is also celebrated in his honour as ‘Engineers Day’, across the country. It is in recognition of my services and contribution in the construction and building sector, as well as in the fields of education, health, community development, social and philanthropic work. I dedicate this recognition to all in Brigade Group. Without the support of Brigadiers, it was impossible to achieve, whatever has been achieved.
Lastly, I wish all the Brigade stake-holders season’s greetings, and the very best during the New Year 2023. We need a Santa Claus for the business sector also.
—Jaishankar CMD, Brigade.
In the last few months, the country has been riddled with scams which have shaken the confidence of people. Whatever little hope we may have had of an improvement in the moral fabric of our society has gone with the wind. Cynics have won over optimists. We have also been bombarded with WikiLeaks and the Radia tapes expose—which has not helped in improving the mood of the public.
The saving grace in an otherwise bleak scenario is Sachin Tendulkar's 50th test century in cricket. The master blaster has brought tremendous joy to millions of people, making him worthy of consideration for the Bharat Ratna—our nation's highest civilian honour. It is ridiculous to go on debating whether Sachin is better than Don Bradman. In my opinion, both are 'greats' in their era. We should leave it at that. We should now look forward to Sachin completing 100 centuries in International Cricket. Just four more to go and he should surely do it.
It feels wonderful to know that our WTC building is the 'Best Commercial Project of the Year 2010' in the entire country. The vision of—and meticulous planning by—the entire team has contributed to making Brigade Gateway (of which WTC Bangalore is a part) a unique and one-of-its-kind project…not just in Bangalore, but in the country and most probably in the entire world. To the best of my knowledge, there is no project in an urban centre anywhere in the world with all the components of Brigade Gateway: club, hotel, hospital, mall, offices, residences and a school.
In September, I was part of the State delegation, led by the Chief Minister, to the World Economic Forum (referred to as the Summer Davos) at Tianjin, China. It is mind boggling to see the fast pace of infrastructure development that China is going through. Their future plans are beyond the imagination of most countries and their determination to excel in anything they put their mind to, has to be seen to be believed. Apart from true appreciation, one can get jealous of their development; get depressed with the lack of similar progress in our country, though we have the opportunity and potential; and also get scared at the might of our big brother neighbour who is breathing down our neck.
Brigade Group completed 24 years of existence on 10 October 2010! As we enter our 25th year, we are gearing up to launch 25 new projects-big, medium and a few small ones-apart from completing some of the ongoing projects in early 2011.
As we look back, there is a certain amount of satisfaction … which gives us the determination to work hard for a brighter future and to create a 'better quality of life' for our customers, who are the bread and butter of our business..
Wishing you Seasons Greetings and a very happy, peaceful and prosperous 2011.
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