In a transforming realty space we have not only held on to our leadership position buthave in fact gone beyond to match our performance with our promises year-on-year.FY2017 proved to be yet another remarkable year for your Company which reported anexcellent performance to deliver on its trust to the stakeholders.
At the back of our ability to fulfil our promises is the robust business model we havebuilt over the years coupled with our experience and expertise in transforming ourselvesto meet the evolving needs of the customers and the dynamic demands of the industry. Ouriconic projects built on the unique and diverse requirements of customers acrossgeographies and in line with the aspirations of our discerning customers stand testimonyto this ability and we take pride in holding true to our promises at all times.
High on performance execution
Focus on timely and quality execution of projects has emerged as a strong propeller ofour strength in matching performance to promises notwithstanding the occasional blips andchallenges in the macro environment. The inherent robustness of the Indian real estatemarket estimated to grow at a CAGR of 15.2% between FY2008 and FY2028 backed byindustry-friendly government initiatives will continue to strengthen our excellencequotient in the coming years.
The RERA implementation effective from May 1 2017 will further pave the way for easeof doing business by introducing online approvals by Mumbai Municipal Corporation whichwill be less time-consuming and simplify the process to a greater extent making it awin-win proposition for investors the industry financial institutions and the consumers.I personally see RERA as a major step forward in addressing the real estate problemsrelated to the delayed delivery of projects poor construction quality non-adherence tosanctioned plans amongst others. With greater transparency in the business both the homebuyers and the genuine builders will benefit leading to a more progressive industryscenario. And coupled with demonetisation RERA can be expected to give a huge fillip tothe transparent growth in the real estate industry in the country.
Aligned to evolving needs
As mentioned earlier at the root of our capability are the deep-rooted core strengthswhich have enabled us to understand the pulse of our customers to make ourselves betterequipped to address their changing aspirations and stay ahead of the real estate industrycurve. FY2017 saw us scale-up this strength even further to set new benchmarks ofexcellence striking a perfect balance between high-end and affordable housing.
Going forward affordable housing development will remain high on our agenda as wecontinue to keep pace with the governmentRss thrust on this segment under the umbrella ofthe Pradhan Mantri Awas Yojana aimed at providing housing for all by FY2022. The CentralGovernment has already announced several concessions including measures forinfrastructure development in this housing segment to ensure better returns for allincluding builders and investors.
At the same time our premium projects will continue to redefine the shape of the realestate market while opening up new vistas for the aspirational customers willing to payfor the best-in-class comforts and facilities. In view of the major metro lineinfrastructure project and other connectivity to BKC with the new Sion-BKC flyover ourlandmark residential projects Aeon Zeon and Treon in Ajmera i-Land Bhakti Park forinstance are redefining the concept of luxury living in one of MumbaiRss fastest growingprime locations. We had strategically identified as a these locations as high-potentialregions at a time when there were few takers for the same.
We have also expanded in area of Kingston London a major metropolitan centre througha Joint Venture Project with Equity Real Estate (Investors) Limited to develop 14 complexhouses for residential purpose. Britishers has high demand for Investment in the proposedarea of Development due to its calm serene atmosphere and big operational avenues.
I am happy to state that those who reposed their faith in our inherent strengths andcapabilities have more than reaped the benefits of their trust. It gives me great pride toshare that construction and development of our Ajmera i-Land Bhakti Park projectscontinue to be on track underlining our performance results that will enable us onceagain to meet our promise for quality and timely delivery.
Building on the opportunity landscape
Ajmera i-Land Bhakti Park is just one example of our skill in recognizingopportunities in the identified markets. We are strategically looking to expand with moreprojects across the affordable and premium housing segments not just in Mumbai but inother markets of our presence. Besides Mumbai other parts of Mumbai Metropolitan Regionsalso offer huge potential for the industryRss growth especially in view of the expectedannouncement of new Development Control Regulation (DCR) rule by early FY2018 which willhave a positive effect on the overall growth of the industry. Bengaluru and Ahmedabad arethe other two regions where the real estate market has been opening up to exceptionalopportunities which we are leveraging to our advantage at the back of our experience andstrengths.
We are also keeping a close eye on the new opportunities that emerge in all segments inand around Mumbai Bengaluru and Ahmedabad and are ready to make strategic land bankacquisitions at the right time.
Towards sustainable growth
The opportunity landscape is indeed wide and we are making significant investments toequip ourselves to grab a bigger pie of the estimated USD 853 billion market-size byFY2028. We have signed a MoU in April 2017 with the Confederation of Real EstateDevelopersRs Associations of India (CREDAI) in the presence of Union Minister for UrbanDevelopment & Housing and Urban Poverty Alleviation for the development of 10000homes in MMRDA region. The MoU will thus pave the way for the realization of our dream toprovide affordable housing as part of the Government of IndiaRss RsHousing for AllRsmission by FY2022 while underscoring the GroupRss thrust on rural and affordable housingpushed by huge Government incentives across India.
On this note I would like to thank you all for your continued support and trust whichhas enabled us to map our performance to promise and shall remain a major engine of growthfor the Company in the years ahead.
Rajnikant S. Ajmera
Chairman & Managing Director