India's macro economic fundamentals are improving. This positions the Real Estatesector to grow. The year gone by has been very challenging and headwinds have beenconsistent.
Despite this your company made some strong progress. We got into a long-term platformpartnership for commercial assets with Goldman Sachs a well renowned global institution.We got out cost of capital down across the company business verticals.
We have had some serious challenges in obtaining approvals on 4 residential projectsand one of them has come through. We are hopeful of getting the rest in the coming months.
One of the big regulatory breakthroughs has been the enactment of the Real Estate(Regulation and Development) Act 2016. After years of resistance the Real Estateregulative may finally see the light of day. The Regulation will facilitatestandardization
of norms in the Real Estate sector and this will bring in the much-needed transparencyin the sector and differentiate quality players.
In a sector like Real Estate where multiple approvals are required we are hoping thatthe Government gets into a digital platform and grants approvals - which will be asignificant change for the industry. It will bring in a discipline of granting approvalsin a time- bound manner and an individual's discretion tograntapprovalswill beeliminated.
Going forward we shall be shifting from a heavy residential base to equally spreadingthe focus on commercial and residential real estate.
Our focus has been on delivering projects and our Executive Directors and the teams aredetermined in the comingyearto deliver2000 homes to our customers.
At NEL we are focused on preparing the organization for the times to come. On the onehand we have proactively been investing in