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Hubtown

BSE: 532799|NSE: HUBTOWN|ISIN: INE703H01016|SECTOR: Construction & Contracting - Real Estate
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Chairman's Speech (Hubtown) Year : Mar '10
It is my privilidge to address you through the Annual Report in my role
 as Executive Chairman and share with you your Companys performance for
 year 2009-2010.
 
 Seen in the light of the near collapse in the real estate market in
 October  December 2008, the year 2009-10 has been a year of impressive
 growth. The Indian economy showed some resilience as the year
 progressed.  With the overall economy showing signs of recovery, there
 was improvement in sentiments and also in actual investments.
 
 The last four months of 2009-2010 which saw robust economic numbers
 along with better-than-expected GDP growth, signifies the underlying
 strength in the domestic economy, that augurs well for the real estate
 sector.  The market has somewhat stabilized and I believe that the
 worst is well behind us. However, the downside risks to this growth
 momentum are the possible adverse impacts of the European crisis,
 easing in the global growth and domestic inflationary pressures.
 
 Post meltdown, it is undoubtedly the residential segment which has been
 the revival king, striking a high note over the last one and-a-half
 quarters of 2009-10, with pent-up demands bubbling over into hard-core
 sales and committed enquiries. Transaction volumes rebounded and
 pricing improved across the country.
 
 The highlight of Ackruti Citys performance in 2009-10 was its focus on
 affordable housing segment. Sensing the economic scenario and the shift
 in buyers preference for affordability, your Company launched Just
 Perfect Homes series of residential projects at Mira Road, Thane and
 Kondhwa (Pune) which received overwhelming response from the customers.
 These projects meet the aspirations of the buyers in terms of right
 size at right price without compromising on quality. Your Company has
 launched second phase of residential project for Thane and plans to
 launch Phase II of residential projects at Mira Road and Kondhwa
 shortly. The change of focus paid rich dividends and proved to be one
 of the triggers for growth. The future of affordable housing seems
 bright as we are heading towards better standard of living and working
 towards a better tomorrow.
 
 According to the Confederation of Real Estate Developers Associations
 of India (CREDAI), the affordable housing segment is set to play an
 important role in Indias Real Estate Sector in 2010 on the back of
 substantial demand.
 
 In September 2009, as a prudent deleveraging measure, the Company
 raised Rs.302.40 Crore through Qualified Institutions Placement (QIP)
 to retire high cost loans and to fund the on-going projects.
 
 While we have set our sights firmly on the growth path, we have not
 lost sight of our social commitment. Energy conservation, environment
 assessment and waste management are key elements of the Companys
 sustainable development. As part of our green responsibility and
 commitment to conservation, our properties are being developed as
 sustainable developments under the guidance of Indian Green Building
 Council (IGBC) and certified for Leadership in Energy and Environmental
 Design (LEED). Your Company is one of the founding member of Indian
 Green Building Council and also one of the few Indian Companies to have
 established Carbon Management Systems.
 
 OUTLOOK :
 
 A recent Cushman & Wakefield  Global Real Estate Institute (GRI) India
 Real Estate Investment report estimates that the residential demand
 will be 7.5 million units by 2013, while there will be a 196 million
 sq. ft. of office space demand in the same period. Though the high
 growth trajectory of the previous years saw a setback during the global
 economic slowdown, the inherent strong economic fundamentals, low
 exposure to debt and state intervention, helped the sector to gradually
 return to the path of recovery.
 
 The findings of Knight Franks Global House Price Index indicate that
 the Indian realty sector not only ended year 2009 on a strong note, but
 also emerged as a leading realty market on a global scale. The
 residential realty appreciation has earned India the number 11 spot
 among 34 major markets, ahead of countries like China, UK and US.
 
 The future holds immense potential and opportunities for growth and I
 assure you that we will strive to capitalize on them by remaining
 focused on growth and operational excellence. Ackruti has always
 adapted itself to changing circumstances by its responsive and creative
 thinking.
 
 I would like to express my gratitude to all the Board members for their
 guidance. I sincerely thank each of you, my shareholders for placing
 faith in the Company. I also thank the very committed members of the
 Ackruti team and the Companys business associates, bankers and
 suppliers for their continued support. My team and I look forward to
 the challenges of delivering sustainable growth in the years ahead with
 confidence.
 
 To conclude, our approach remains one of creating long-term value for
 our customers, shareholders and other stakeholders. We have emerged
 stronger from the downturn and are poised to meet the expectations of
 our shareholders and stakeholders. As always, we seek your invigorating
 support in pursuit of growth.
 
 
Source : Dion Global Solutions Limited
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