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Founder's Message

Founder
MR M.R. JAISHANKAR
CMD
"Much has happened since the publication of the last issue of Brigade Insight - Indian economy has become stronger with the positive impact of GST taking shape, slowly but surely; Stock indices have zoomed with Sensex touching 38,000; BJP was not able to form the government in Karnataka in spite of being the party to win the largest number of seats; Passing away of the doyen of Tamil Nadu politics Sri Karunanidhi; Brigade launching a flurry of projects et al.

Unfortunately, the international scene is quite uncertain with Oil prices going up and the unpredictable approach of the US President resulting in a trade war between the United States & China, the world's two largest economies. This has brought in a lot of uncertainty to the external macro environment though, the United  States economy,  which contributes more than 25% to the world's GDP, is doing well. The resultant impact on our currency is negative as the Indian Rupee has weakened by 7% and will affect the country's balance of payments.

Though the Indian manufacturing sector is showing good order books, companies are declaring better financial results and though the Monsoon is by & large good, there is a certain amount of anxiety amongst trade and industry due to interest rates beginning to go up, apart from the uncertainty of impending parliamentary elections in early 2019.

After three years of a recessionary trend in real estate, the sector seems to be on the recovery path. With not many new project launches during the last two years, unsold numbers have come down and prices have stabilised. With the implementation of RERA, much-needed customer confidence and positive sentiment are returning back. The Central government is doing its bit by increasing the thrust on infrastructure improvement. The spoilsport can be rising home loan interest rates.

In this background, Brigade has launched a number of new projects and is gearing up to launch several more in Bengaluru,  Chennai, Hyderabad & Mysuru. With ‘Parkside' as the brand for ‘Independent Living for Seniors', we are offering well thought out residences in all four directions of Bangalore. We are back to offering Ownership Offices for investment, lease or for own use. In fact, the first three projects of Brigade in the late 80s & the early 90s were all commercial projects. We have also started the concept of ‘Managed Residences' in our villa projects in Devanahalli - Brigade Atmosphere & Brigade Orchards. With ‘Ease of Occupation' for the customer in mind, we have introduced  ‘Brigade Plus' initiative offering a host of conveniences. With the launch of ‘One Brigade App', our customers can avail a number of benefits.

With the commencement of the festival season, business & investor sentiments will improve. I seek the continued goodwill and patronage of our customers."

—Jaishankar CMD, Brigade.

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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."
September 2008

There is no dearth of headline making news in the last few months—worsening US financial crisis; Nuclear agreement; Terrorist attacks; New BJP Govt. in Karnataka; High inflation; Volatility in crude price; natural calamities & impending Presidential Election in the United States.

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It is amazing & unbelievable to see century old institutions which are revered in the financial circles—Bears Sterns; Lehman Brothers; AIG; Merrill Lynch; Washington Mutual, Wachovia—drop like 9 pins. Who knows whether the worst is over or yet to come? Greed to make more and more money with casino like operations & throwing caution to the wind has resulted in this financial catastrophe of humungous proportions, affecting each of us in some degree or the other. The magnitude of the problem is difficult to comprehend.

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The uncertainty of life has increase with increased terrorist activities. This is extremely sad. Before it is too late, it is time for us as a nation, as corporates & as responsible family members to take all required security measures to avoid being victims of terrorist attacks. The whole meaning of safe neighbourhoods and safe cities has changed with the ease at which fundamentalists are able to operate. If the government desires to ensure the safety of its citizens and desires to maintain the secular nature of the country, then it needs to take tough measures without bothering about the political consequences of such decisions.

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Full kudos to our 'Sing is king' Prime Minister for finally taking bold steps to conclude the much delayed Nuclear deal to enable us to produce Nuclear Power to meet our energy needs, without which our industrialization & economic growth will be severely affected.

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High lending rates by financial institutions have curtailed the demand for residential units and other luxury items. This can lead to a negative chain reaction by reduced demand for services and core sector products like steel, cement etc. This is also likely to bring down the country's GDP growth from a very healthy 8%+ to a modest 5-6% growth. For the economy to bounce back, it will take quite sometime. Even then, it would be wise for genuine buyers to take their decision to buy properties (but on floating interest rates, if one desires to borrow). Otherwise, year on year inflation of 8-12% p.a. will only jack up the prices of real estate in the medium to long term.

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A silver lining for non-residential buyers, in an otherwise gloomy scenario is that the rupee has depreciated by 20%+ making it attractive to buy properties and to make investments in India. Better to strike gold when the opportunity exists.

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With single party rule (BJP) in Karnataka, expectations for improved infrastructures & governance were running high. But ground realities seem to be different. Action on many long pending people is yet to be taken. Citizens are still hopeful of positive steps by the government.

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Impending Presidential election in the United States in November '08, and parliamentary elections in India (March '09), will be interesting to discuss and watch. They will certainly keep the media busy.

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Let me hope the festival season of Dussera & Diwali will bring some sparkle to our lives.



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