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Oberoi Realty

BSE: 533273|NSE: OBEROIRLTY|ISIN: INE093I01010|SECTOR: Construction & Contracting - Real Estate
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« Mar 15
Chairman's Speech (Oberoi Realty) Year : Mar '16
Dear Shareholders,
 
 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
 bookings.
 
 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.
 
 Best wishes,
 
 Vikas Oberoi
Source : Dion Global Solutions Limited
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