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Oberoi Realty
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« Mar 13
Chairman's Speech (Oberoi Realty) Year : Mar '14
Dear Shareholders,
 
 The legendary Samuel Johnson had once commented, ''Integrity without
 knowledge is weak and useless, and knowledge without integrity is
 dangerous and dreadful.'' The world needs people who have knowledge with
 integrity. In the context of organizations too, the prudent blend of
 knowledge and integrity is the key for any business to grow in a
 sustainable way.
 
 A combination of these two is what we at Oberoi Realty strive to uphold
 in order to succeed, for success at the cost of either of these is no
 success at all. We strongly believe that this is the only way to a
 sustainable, growing and inclusive business of value. This applies as
 much in a country context too.
 
 Today, India stands on the threshold of a new era, a new form of
 governance and values that inspire a ''country-frst'' approach. There is
 also a deep hope that an understanding of the country''s economic levers
 will soon restore the economic momentum.
 
 Given the dynamic business environment in our country over the years,
 Oberoi Realty has been exposed to several micro and macro challenges.
 Regardless of this, we continued to build our business and achieve
 milestones rooted in ethics, transparency and the highest standards of
 corporate governance, with financial prudence and ''aggression with
 caution'' being our philosophy. Today, we truly believe that we are
 prepared for an active tomorrow as the aid by the tailwinds of a
 national governance framework resonates with our broader business model
 and keeps us committed to enhance long-term value for our stakeholders.
 
 As a corporate committed to our philosophies and as a trusted steward
 of stakeholder capital, we have always sought opportunities that
 enhance shareholder returns.  In line with this thought process, the
 year 2013-14 was one where we continued to leverage our established way
 of thinking – that of providing our consumers with a realty ''surplus'',
 marked by premium and attractive locations, built through the best of
 domestic and international collaborations and provided with comforts
 and conveniences diffcult to replicate.
 
 We received tremendous endorsement when The Ritz- Carlton came on board
 as our hospitality partner for our iconic mixed-use development project
 in Worli, marking the entry of the international hotel chain into the
 financial capital of India. Globally, The Ritz-Carlton is renowned for
 its legendary service showcased in splendid properties in some of the
 most sought-after global locations. Therefore, I am confdent that this
 partnership will enable us to create a development respected for its
 unmatched quality and fnest service standards, creating a luxury
 benchmark in Mumbai for the years to come.
 
 The financial prudence built around our Company enabled us to swiftly
 mobilise capital to benefit from an unparalleled opportunity to
 reinforce our project pipeline.  The successful bidding of about 25
 acres of land located strategically on the Western Express Highway in
 Borivali (East) in the western suburb of Mumbai from Tata Steel Limited
 gives us an estimated developmental potential of about 4.5 mn sq. ft on
 this property.
 
 In a landmark case, the country''s Supreme Court resolved the vexed
 forest land issue affecting hundreds of acres in Mumbai. Our 18-acre
 Mulund project, marking Oberoi Realty''s entry into Mumbai''s central
 suburbs, is one of the benefciaries of this judgment. Acquired almost a
 decade ago at a historically low cost, this 18-acre land parcel
 facilitates an estimated residential development potential of over 3 mn
 sq.ft.
 
 In addition to the normal course of business, these developments are
 expected to unlock value, ride on a new sense of optimism and
 accelerate our growth potential over the coming years. I am pleased to
 report that the impetus that enabled us to create this momentum is
 fostered by two critical success drivers – people and teamwork. We
 truly believe that people are our most important real estate and as an
 organization, we constantly embark on initiatives to nurture and retain
 talent to create value for you. Our Company has an able and an
 experienced leadership team that has been with us for a long tenure and
 work towards a common goal that helps drive collaborative success.
 Teamwork not only benefits the individual employee but also significantly
 affects any business, thus making each and every one of the Oberoi
 Realty family equally important in any of our endeavors.
 
 Given all these factors, we think that we are prepared for our second
 growth wave starting with three standout developments during the year
 under review. We will continue to evolve our organization going
 forward, embracing futuristic and innovative processes to enhance the
 speed and quality of construction as well as ensuring that our
 resources are focused on efforts driving transformational change.
 
 As always, I am grateful that you have entrusted me to lead this
 institution and thank you for your support and cooperation.
 
 Best wishes, 
 Vikas Oberoi
Source : Dion Global Solutions Limited
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