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
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
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
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.