Diwali, the Festival of Lights, is indeed a festival to celebrate the victory of Good over Evil. This is aptly demonstrated by the elimination of the ISIS leader, thanks to the relentless American efforts. What a contrast between a violent leader and a leader who is an epitome of non-violence!
After Prime Minister Narendra Modi’s resounding election victory, one expected the growth of the Indian economy to go northwards at a faster rate. Unfortunately, that is not the case. It appears that the laws of economics are stronger than the wishes of the population. To me, it seems like a cyclical slowdown affecting the economy, and it appears like a 10-year business cycle. Our country did witness economic slowdown / recession, particularly for the real estate sector, during the years 1988-1991, 1998-2001, 2008-2011 and now. The current recessionary cycle for real estate started quite early in 2016-2017 due to DeMo, the introduction of RERA & GST. The slowdown has taken a huge toll with few large and most one-time, small-medium sized developers exiting the real estate sector. The complexity of doing business has vastly increased due to regulatory changes and challenges. It is seriously, not for the weak-hearted.
Thankfully Brigade, with its diverse portfolio, but more importantly due to following its core corporate values, is managing not only to survive but also to grow. Recessionary & slowdown times create a lot of opportunities for the wise and people with money. This is the time for smart people to make investments but after a proper study of the pros & cons. There are many good real estate projects worthy of investment in our portfolio. While preparing to launch new projects in Chennai & Hyderabad, our focus has been to complete many ongoing commercial & residential projects, apart from launching the next phase of large projects in Bengaluru.
I am delighted to mention that the Indian Music Experience was formally launched with an outstanding music event by Padma Bhushan Ustad Zakir Hussain on the 27th of July 2019. I am elated with the continued appreciation for the concept & content of IME by all those who have visited the museum. It has encouraged the team to work harder and innovate more.
I am also very happy to have signed an MoU with the reputed St. John’s Hospital to set up a ‘Not for Profit’ Health Centre to start with, and a Hospital subsequently for the benefit of the neighbourhood at our large residential project - Brigade Meadows, in Bengaluru South.
Season’s Greetings & Best Wishes for 2020.
—Jaishankar CMD, Brigade.