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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.
THE hot news, transformational in nature, which is on everyone’s mind, is the kind of electorate support the Aam Aadmi Party received in the Delhi Assembly elections. One could see the freshness of their approach, genuineness in their statements and a desire for change by the citizens of Delhi. I only hope and wish AAP succeeds in administration, if they agree to form the government.
Very unfortunately, in the last few years, the Indian economy has lost direction and has slid in importance and stature in the world economy. The only possibility of regaining the lost credibility would be to have a strong leadership and a stable government which cares for the nation and its people. I hope the April-May 2014 elections will bring such a government in to the Parliament.
In the last two to three months, the Central Government has taken some positive policy steps, though only after getting pushed against the wall. Investors, always eager for positive news, have lapped it up. The silver lining, of course, is the appointment of a very forward looking and intelligent RBI Governor—Mr Raghuram Rajan.
Brigade Cosmopolis on Whitefield Main Road, our joint venture residential apartment project with GIC (Govt of Singapore Investment Corporation), was launched in October. It has been very well received by customers. Brigade Symphony on KRS Road in Mysore, a well planned residential project with plentiful amenities and large open spaces, has received a similarly satisfying response.
The first phase of our large Affordable Value Homes project—Brigade Meadows, next to Art of Living in South Bangalore—is nearing completion. It is good to know that CNBC Awaaz has recognised the project as the 'Best' in its category. This should auger well for the launch of the second phase, to begin shortly.
Brigade Group has recently introduced ESOPs (Employee Stock Options), to begin with, to its middle- and senior-level managers. It is probably the first initiative of its kind among Real Estate Developers in the country and one hopes it helps in motivating the staff to perform better.
I am glad Mr Aroon Raman, Wharton educated industrialist and fiction writer, has joined the Board of Brigade Enterprises Ltd as an Independent Director, in place of the late Dr A. Ramakrishna. The Group will surely benefit from his guidance and support.
Our corporate philanthropic support to the Centre for Indian Music Experience or IME (an interactive museum of music coming up in South Bangalore) is certainly helping to speed up project completion. The base building was unveiled by the Chief Minister Sri Siddaramaiah, in the presence of Sri S. M. Krishna, MP, and Sri Ananthkumar, MP.
As 2014 approaches, I wish all readers a Merry Christmas and a Happy New Year.