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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.
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.