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Founder's Message

Founder
MR M.R. JAISHANKAR
CMD
jaishankar-cmd

This issue is coming after a gap of one year. The April issue could not be released due to the 2nd wave of the pandemic and the connected lockdown.

People’s perceptions and attitudes toward life and work have changed a lot over the last 17 months. People and businesses who were able to adapt to the fast changes encountered, have flourished. Those who could not, have unfortunately perished. The impact of the 2nd wave was quite severe on the personal lives of millions of Indians. More than 32 million people contracted the Wuhan Virus and unfortunately, 430 thousand people have died in our country. Worldwide figures: 207 million affected & nearly 4.4 million people have passed away.

The numbers are only growing by the day, even though multiple vaccines are available. For 7,800 million people to be vaccinated twice, it can take another year or two. Luckily, more than 500 million Indians have been administered at least one dose of the vaccine. As a result, if there is a third wave of the virus, the impact is likely to be less severe than the earlier 2 waves. Only time will tell. But, as individuals, one needs to strictly follow all precautions as recommended by the health authorities for their own good.

During these uncertain times, Brigade was able to sail through the troubled waters reasonably well. While our Hospitality and Retail segments were badly affected, the Residential real estate business performed remarkably well by posting the highest sales since the inception of the Group in October 1986. Office leasing sentiments are also affected quite a bit, although the Indian software sector has had exceptional times due to their sheer resilience and ability to keep up their commitments to clients.

The concept of life and work has also undergone tremendous change. Work From Home (WFH) in the financial and technology sectors is a shining example of success, wherever remote working is possible. E-commerce has made life convenient to the technologically savvy population. It has already revolutionised the retail shopping sector. It will have a big impact in the years ahead on the traditional ‘Kirana’ stores and even Shopping Malls. Lockdowns to contain COVID-19 have reinforced the importance of owning a ‘roof over one’s head’, that too a comfortable, spacious one. With reduced expenditure & increased personal savings due to lockdowns, and real estate developers coming up with attractive price & payment schemes, the affordability factor has increased at all levels, resulting in improved demand for housing. This has been the saving grace for developers. Even with all the challenges faced during the last 17 months, we have been able to complete 15 projects with an area of 12.40 million square feet, including our marquee project, World Trade Center (WTC) Chennai. During the same period, we launched 14 projects with an area of 11.30 million square feet including Brigade Citadel in Hyderabad, and Brigade Residences at WTC Chennai.

A feather in the cap is the recognition by the international body, Great Place to Work Institute in association with the Economic Times, for the 11th year in a row - placing Brigade amongst the Top 100 Best Places to Work in the Country - the only real estate developer in the country to receive such an honour. Despite inadequate support to business and industry by the Central & State Government, the Indian Corporate Sector has shown a lot of resilience, thereby presumably, helping wipe out the 7.5% negative GDP of 2020. Good monsoon across the country, in general, has played its part. But the concerns of MSME sectors and small businesses remain. This means by the end of March 2022, India’s financial position may get back to March 2020 status. With the loss of 2 valuable years of growth, it would be a miracle of sorts if our country can reach the targeted GDP of 5 trillion USD by 2024-25. Reaching the USD 5-7 trillion mark is essential for the country. This will ensure that per capita income goes up to USD 4-5k from the present USD 2k. Only when the per capita income goes beyond USD 4-5k, can the MIG population hope to have good disposable income, which in turn will give a boost for the next stage of growth. This would be very similar to what happened in China over the last 20 years. The Central Government has taken up several structural reforms during the past couple of years to help the Indian industry grow and at the same time supporting the farmers and the poorer sections of the society. One hopes these structural reforms will start yielding results soon. Stock indices of BSE & NSE have gone through the roof on this expectation. FII & SIP fund inflows have added fuel to the fire.

With this hope, as we enter the 75th year of Independence, we can expect ‘Tomorrow to be brighter than Today’.

Wishing our readers good health and safety.


—Jaishankar CMD, Brigade.

 

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."
April 2011

Having entered our 25th year of operations, after a lot of internal deliberations, I am happy to release the organisation’s Shared Vision and Mission statements and Core Values. This should stand in good stead for the decade ahead and give Brigadiers a clear sense of direction, enabling them to work with a unified sense of purpose and to achieve set goals and objectives. Every Brigadier has to remember and constantly remind oneself of Brigade Group’s core values and ensure these shared values are not compromised in any way.

****

Sheraton Bangalore Hotel at Brigade Gateway, which had its soft opening in mid-March, has received very encouraging feedback from guests and industry professionals. This well-appointed 230-room, 5-star deluxe hotel with six F&B outlets and a 1000-seater banquet hall, is bound to be amongst the best hotels in Bangalore, and will be the pre-eminent Sheraton Hotel in the country. General Manager Martin Wuethrich from Switzerland and Executive Chef Gustavo Maurelli from Italy will bring their international expertise to lead Sheraton Bangalore in the path of success.

****

It is a fantastic achievement by the Indian Cricket Team to have won the ODI World Cup, after a gap of 28 years. It is very difficult to live up to expectations, having been the favourites to win the Cup. The credit undoubtedly goes to the players for their outstanding teamwork, superb leadership of Captain Dhoni and Coach Kirsten, and performing when it mattered most in the knock-out stage. Many analogies can be drawn to the corporate world from the strategies adopted in winning the Cup.

****

India’s 2011 provisional census figures, indicating a population of 1.2 billion+, is certainly a cause for worry, and not celebration. Speedy urbanisation is a matter of great concern to city planners. Meeting the infrastructural needs of the growing population will be a huge, daunting task. Our planners have to work overtime to ensure that demand for space and services are met, if one has to stop proliferation of slums in urban centres. There is a great need to decentralise growth by ensuring development of each and every district and taluk centre.

****

The Karnataka State and Central budgets for 2011 have been passed. Unfortunately, policies and tax rates are being tinkered with frequently, leading to confusion and a loss of direction to the business community. Real Estate hardly finds favour with the tax authorities. A few examples: in Karnataka, stamp duty rates on Joint Development Agreements have been increased by an unbelievable proportion and the VAT applicability principle in the construction industry has changed to compound the confusion. In the Centre, tax exemption to SEZ units is withdrawn by imposing MAT; Service Tax is imposed for hospitality business … the list goes on and on.

****

Anna Hazare’s anti-corruption campaign was much needed and, hopefully, will serve as an eye opener to the government and corrupt people. The spontaneous response to Anna’s fast from all sections of society was most encouraging and heartwarming. High corruption in society is what is coming in the way of India’s planned and sustained growth, and stopping the country moving from good to great. If people’s simmering discontent about corruption in every sphere of life is to be avoided, fast and inclusive development across the country is the only answer. Otherwise, Egypt’s Tahrir Square kind of situation is not far off in our country. If one determined Narendra Modi and one determined Nitish Kumar can make so much of a difference in Gujarat and Bihar, imagine what a small battalion of such people could do to the growth of India. By showing honesty and progress, if Nitish Kumar can get 80%+ seats in the Assembly (highest ever by any party in any state in the country since elections came to be held), why don’t other politicians realise good development will ensure re-election and continuance in power?
Let us hope for the best!



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