The Indian economy reported one of the fastest growth rates in the
world this past year. This is attributable to the efforts of the Modi
Government which has taken several steps to attract domestic and
foreign investments with strong focus towards promoting the ''Make in
India'' policy and building world-class I structure. India / is a confident
economy poised for independent growth; ;e in point is the it Brexit issue
where nation remained sly unaffected. The determination of the government
along with rising aspirations consumers is setting direction for a ant
but sure footed economy.
The last year has seen some major policy and process changes that
promise the beginning of a brighter future. The passing of the Real
Estate Regulatory Act (RERA), amendments in the REIT policy, reforms in
the FDI policy, the government''s focus on fast- tracking the approval
processes & skill development are some of the high-impact efforts that
come a step closer in meeting the long pending expectations of the
industry and consumers. In Maharashtra specifically, the state
government''s focus on key infrastructure projects, its
ease-of-doing-business initiative and its goal of making Mumbai an IFC,
already have and will continue to positively affect sentiments.
The notification of the Real Estate (Regulation & Development) Bill,
2016, into an Act represents a landmark in India''s real estate sector.
The Act will enhance operational transparency that will protect the
interests of both the buyer and the developer. At Oberoi Realty, we
welcome this new real estate regime and I take this opportunity to
assure you, that enforcement of this Act in its true spirit will only
lend tailwinds to our aspirations.
Our brand values form the back bone of our very existence. They are an
inherent part of all that we do in terms of its delivery at a larger
level and everyday operations on ground. It is our constant endeavor to
ensure that interactions with all stake holders including customers,
partners, employees, associates and the society at large are governed
and anchored around our core values. All our efforts are single
mindedly focused towards achieving the Company''s vision of enhancing
the quality of people''s lives.
The past year has been truly exceptional for your company as it has
achieved the highest ever annual gross bookings in terms of area sold
(—13 lakh sq. ft) and in value (Rs. 2,362.85 crores). In FY2015-16,
the Company achieved the highest ever top line of Rs. 1,444.30 crores.
This was backed by the tremendous response that the Borivali project,
Sky City, received at the launch phase with an unprecedented 610
Exquisite, one of our most luxurious projects within the Company''s
flagship development, Oberoi Garden City at Goregaon, received its
Occupation Certificate and till date, we have given possession to over
670 happy families. Eternial and Enigma in Mulund saw the signing of
Bouygues Construction as its general contractor. Bouygues is a global
player in engineering and construction services and is active in 80
countries worldwide; the contract marks its entry into ndia as
construction contractors. This exemplifies the Company''s commitment to
always work with the best in terms of design, construction and
engineering and to deliver exceptional value.
The Company''s most coveted mixed use development, the Three Sixty West
in Worli which consists of the The Ritz-Carlton hotel and residences
managed by The Ritz- Carlton is progressing steadily and is well on its
way to become an iconic identifier on the Mumbai skyline.
Your Company consists of a prudent combination of promoters heading the
organization coupled with capable professionals heading business
verticals. Our aim is to consistently strengthen our services across
the customer relationship cycle, demonstrating flexibility and
enhancing goodwill. A combination of these values, philosophies and
priorities has helped us make your Company one of the most trusted real
estate brands in the country.
Going forward, we foresee some sectorial consolidation with the new
real estate regulation acting as a catalyst. We believe that this
regulation is a positive for all the well-managed companies. We will
continue to work on the basics and align our strategies to emerging
trends with an aim to stay ahead of the curve. We will continually
strategize to have our projects at diverse locations and at different
stages of development so as to have a robust growth trajectory. Our
performance during the fiscal gone by, stands testament to our
unwavering commitment to this farsighted strategy.
I thank you for continuing to repose your faith in me and the team and
giving me this opportunity to lead your Company.