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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.
SINCE our previous issue, much has changed in India’s political scenario. Thankfully, a single political party, for the first time in 30 years, has secured majority in the world's largest parliamentary election. Sri Narendra Modi's win has surpassed the BJP's own expectations. The positive sentiment it has created can be judged by the way the stock market has reacted and from the poll results to Team Modi's 100 days in government. Our elected representatives have a long way to go in enabling the Indian economy to reach its potential and in converting expectations into reality. The challenge of making the 'elephant in slumber' run is huge; but it is possible, judging by Deng Xio Ping achievements in China in the 1980s. The Indian economy needs to be unshackled from bureaucratic controls and inconsistent policies. By implementing forward looking policies, the government should assume the role of a good facilitator, encouraging business and industry to flourish. One hopes the lack of a good monsoon will not adversely affect progress, given the historical fact that the share of the services sector in the Indian economy has been more than that of the agriculture sector.
With a few exceptions, the effect of improved sentiment in the economy has not yet had a positive effect on the Indian real estate sector. In any case, due to its very nature, the real estate business is slow to react—unlike the stock market or gold, which are always regarded as alternative investments to real estate. But considering our Prime Minister's desire to provide 'housing for all' by 2022 (the 75th year of Indian independence), the potential seems to be immense. The task, however, is daunting. The government should also aim to provide clean air, clean water, good sanitation and electricity to the entire population. Why should Indians be deprived of the same quality of life that we see people enjoying on our travels to the Far East, Europe and America? Indian citizens certainly deserve better facilities.
A significant development at Brigade Group is, of course, the understanding with GIC of Singapore to jointly invest up to INR 1500 crores in real estate projects. It is a show of confidence in a relationship that began with our joint acquisition and development of the Brigade Cosmopolis property. I hope and wish the association becomes stronger in the years ahead.
The internationally recognised Great Place to Work Institute and Economic Times have, for the fourth consecutive year, rated Brigade Group as one of the best places to work. We have been ranked second amongst real estate companies and 87th amongst all companies rated in the country. It is a satisfying recognition of our efforts to create a good working atmosphere for our people.
As part of our CSR, we have installed—for the first time in Bangalore—a pedestrian skywalk with escalators on Dr Rajkumar Road, in front of Orion Mall, for the convenience and safety of the general public. If we are to tackle the problem of indiscriminate pedestrian movement across our roads, the city should have more skywalks and subways, preferably with escalators.
Responses to pre-launch bookings for Brigade Panorama, Mysore Road and Brigade Northridge, near Yelahanka, have been good. The same is the case at Brigade Mountain View, Mysore. We are happy to note that handing over of the first set of apartments to clients has started at Brigade Meadows, our large integrated project on Kanakapura Road.