The Indian economy reported one of the fastest growth rates in the world this pastyear. This is attributable to the efforts of the Modi Government which has taken severalsteps to attract domestic and foreign investments with strong focus towards promoting theMake in India policy and building world-class infrastructure. India today is aconfident economy poised for independent growth; a case in point is the recent Brexitissue where the nation remained largely unaffected. The determination of the governmentalong with the rising aspirations of consumers is setting the direction for a buoyant butsure footed economy.
The last year has seen some major policy and process changes that promise the beginningof a brighter future. The passing of the Real Estate Regulatory Act (RERA) amendments inthe REIT policy reforms in the FDI policy the governments focus on fast-trackingthe approval processes & skill development are some of the high-impact efforts thatcome a step closer in meeting the long pending expectations of the industry and consumers.In Maharashtra specifically the state governments focus on key infrastructureprojects its ease-of-doing-business initiative and its goal of making Mumbai an IFCalready have and will continue to positively affect sentiments.
The notification of the Real Estate (Regulation & Development) Bill 2016 into anAct represents a landmark in Indias real estate sector. The Act will enhanceoperational transparency that will protect the interests of both the buyer and thedeveloper. At Oberoi Realty we welcome this new real estate regime and I take thisopportunity to assure you that enforcement of this Act in its true spirit will only lendtailwinds to our aspirations.
Our brand values form the back bone of our very existence. They are an inherent part ofall that we do in terms of its delivery at a larger level and everyday operations onground. It is our constant endeavor to ensure that interactions with all stake holdersincluding customers partners employees associates and the society at large are governedand anchored around our core values. All our efforts are single mindedly focused towardsachieving the Companys vision of enhancing the quality of peoples lives.
The past year has been truly exceptional for your company as it has achieved thehighest ever annual gross bookings in terms of area sold (~13 lakh sq. ft) and in value (~H 2362.85 crores). In FY2015-16 the Company achieved the highest ever top line of H1444.30 crores. This was backed by the tremendous response that the Borivali project SkyCity received at the launch phase with an unprecedented 610 bookings.
Exquisite one of our most luxurious projects within the Companys flagshipdevelopment Oberoi Garden City at Goregaon received its Occupation Certificate and tilldate we have given possession to over 670 happy families. Eternia and Enigma in Mulundsaw the signing of Bouygues Construction as its general contractor. Bouygues is a globalplayer in engineering and construction services and is active in 80 countries worldwide;the contract marks its entry into India as construction contractors. This exemplifies theCompanys commitment to always work with the best in terms of design constructionand engineering and to deliver exceptional value.
The Companys most coveted mixed use development the Three Sixty West in Worliwhich consists of the The Ritz-Carlton hotel and residences managed by The Ritz-Carlton isprogressing steadily and is well on its way to become an iconic identifier on the Mumbaiskyline.
Your Company consists of a prudent combination of promoters heading the organizationcoupled with capable professionals heading business verticals. Our aim is to consistentlystrengthen our services across the customer relationship cycle demonstrating flexibilityand enhancing goodwill. A combination of these values philosophies and priorities hashelped us make your Company one of the most trusted real estate brands in the country.
Going forward we foresee some sectorial consolidation with the new real estateregulation acting as a catalyst. We believe that this regulation is a positive for all thewell-managed companies. We will continue to work on the basics and align our strategies toemerging trends with an aim to stay ahead of the curve. We will continually strategize tohave our projects at diverse locations and at different stages of development so as tohave a robust growth trajectory. Our performance during the fiscal gone by standstestament to our unwavering commitment to this farsighted strategy.
I thank you for continuing to repose your faith in me and the team and giving me thisopportunity to lead your Company.