It is my pleasure to present the 29th Annual Report for the year 2016. Theyear gone by which had commenced in the shadow of gloom slowly and steadily sawimprovement in consumer sentiments. Riding on strong regulatory reforms reduction ofinterest rates and attractively packaged pricing the sector witnessed renewed demand.Affordable housing took the centre stage. Overall with the positive measures the yearushered optimism across the industry.
The major thrust was the reforms that are promised to be unfurled with the passing ofthe Real Estate (Regulation & Development) Act 2016 which will ease the homebuyingprocess for consumers. Your Company is confident that it will bring about positive changesin the future.
It is expected that the proposed Development Plan and Development Control Regulations2034 will be notified soon. We expect that the introduction of same will change thescenario for the developers.
The Government is also planning massive infrastructure development in Mumbai throughconstruction of Metro line 2 & 4 East-West connectivity Nhava Sheva link roadCoastal road etc.
In another positive macro level development MCHI-CREDAI and the Government ofMaharashtra signed a landmark Memorandum of Understanding (MoU) for promoting theconstruction of Affordable Housing. As an integral part of the real estate sector withGroup legacy spanning over five decades your Company has committed to positivelycontribute to this initiative by developing 10000 affordable homes by 2026 in and aroundthe outskirts of Mumbai.
Affordable housing has been a part of the DNA and value system of the Ajmera Group andit continues to be a part of the business strategy. At Ajmera Realty & Infra IndiaLtd. we once again take immense pride in being able to participate in thisnation-building activity which also provides us an opportunity to make far-reachingchanges to the lives of people across the country with better housing solutions.
Iconic buildings and large townships that are built by your Company are spread acrossthe landscape of Mumbai Pune Ahmedabad and Bengaluru and also overseas in Bahrainsignifying in concrete our legacy of anticipating needs of our buyers and serving theirpurpose. Development work at various projects of our portfolio continues at a brisk pace.
Work at Ajmera i-Land at Bhakti Park Wadala which is Mumbai's only interconnected andintegrated new-age futuristic project is running in full swing. The unmatched locationadvantage of this project and proximity to modern infrastructure which enables easy accessto all key business districts (in South Mumbai the main BKC hub Eastern side and NaviMumbai) the domestic airport and also the proposed sea link to Nhava Sheva continues toadd to the appeal of this mega project in our portfolio. We have incorporated MIVANshuttering system for high rise tower to reduce cost time and energy. We arecontemplating to explore new technologies in building construction activities to increaseefficiency thereby ensuring timely deliverables. Despite local regulatory challenges thefinal delivery of different phases of Ajmera i-Land (Bhakti Park) project shall commencefrom this year end onwards.
We are happy to announce that we have successfully completed the Phase I of Stone ParkBengaluru and Phase II is in full swing. Villows is an ultra modern project of yourcompany at Bengaluru offering finest amenities at the disposal of privileged residents.
Technology today is changing the way we live work and communicate with each other. Ithas created a new dynamism that can hardly be ignored. To build an even morecustomer-centric organisation we have focussed on making far-reaching changes in the wayto enhance our customer relationship through introduction of modern CRM tools. We havealso adopted various technology-driven tools to enhance and infuse more efficiency in allthat we do and this single initiative will have tremendous impact on our business in yearsto come. I am happy to share that the Company has received the ISO 9001:2015 certificationwhich endorses the high standards of our Quality Management System (QMS) which is closelyintegrated with and aligned to our organisation's objectives. This certification is one ormajor achievement as we are not only India's first but globally the first company in thereal estate sector to obtain this certificate.
In keeping up with your Company's commitment of building a greener tomorrow yourCompany's project includes various initiatives driving sustainability right from selectionof the building material technology used to create the structures which reduces wastagesto rain water harvesting water recycling recycling garden and sewage waste andincorporating energy saving features amongst other green initiatives. Almost all projectsin our portfolio reserve have significant amount of the total project for focussed greeninitiatives.
We encourage an environment in which employees can easily align their personal goalswith our vision mission and the corporate goals. The sync of organization goal andtalented force is the hallmark of creativity and cognitive thinking which enhance thepassion to deliver excellently. We have invested in technology to infuse efficiencies andfuel productivity to facilitate superior time management by our people and projectmanagement and pave the road to an environment and culture of achievement.
The Company has always been visibly active in philanthropic activities. As a sociallyaware and responsible corporate citizen your Company has provided skill developmenttraining and recruitment to the flood-hit candidates i.e. educated individuals of J&Kthrough a MoU with NSDC a corporation recognised by the Ministry of Skill Development& Entrepreneurship.
Government of Maharashtra has set up relief fund with an aim to make villages free ofwater scarcity by 2019 by channelising proper water flows through construction of damswidening of rivers etc. to use and store water proficiently. We participated by donatingto the said fund named "Jalyukt Shivar Abhiyaan".
Our CSR activities moving ahead will be focussed on supporting projects in the fieldsof:
Facilitating skill development Providing medical aid Developing solar power to infuseself-reliance and sustainability
Supporting sanitation and the Swachh Bharat Campaign
I take this opportunity to thank all our employees for their commitment and focus. Ialso would like to place on record the various hands-on work undertaken by members of theBoard and senior leadership team in making far-reaching changes which strengthen thefoundational roots of our business. I would also thank all our business partners bankersfinancial institutions vendors and all stakeholders for their continued faith and trust.
We look forward to the forthcoming year with enthusiasm optimism as we remainedfocussed on delivering value to all our stakeholders.
Rajnikant S. Ajmera
Chairman & Managing Director