It gives us immense pleasure to share with you the important developments at DB Realtyin the year gone by 2019 has been a significant year for the Nation and the economy. Adecisive mandate was handed to the incumbent government in the general electionsconfirming a big win for reforms growth and stability. In its first term the governmenthad brought in ground-breaking reforms particularly in the real estate industry. Reformslike GST Insolvency Code RERA and other similar initiatives have reinvigorated the realestate sector as well as the country's economy. Now that this government is back at thehelm we can expect stable governance and policy continuity in the next five years.
The 2018-19 fiscal brought in consolidation to the real estate sector as the centralgovernments transformative agenda of the previous few years started to take effect.The long-term impact of these regulatory measures look largely positive leading tostronger administration more transparency better compliance and a more level playingfield. Moreover the Maharashtra Governments sustained emphasis on developinginfrastructure and improving connectivity has boosted the market and led to renewedoptimism.
DB Realtys associate company Mahal Pictures Private Limited ("MPPL")has recently entered into an agreement with the Bengaluru-based real estate firm RMZCorporation to transform Mumbais six-decade old Kamalistan studio also known asKamal Amrohi Studio into an office park. Pursuant to this understanding MPPL along withRMZ Corporation will develop a part of the land into one of Indias largestcorporate office destination. Mumbai is starved of quality office spaces.
Another major development has been the launch of a residential project in Dahisar underthe brand name"Aradhya High Park". It is one of the largest and most soughtafter residential developments in the heavily undersupplied micro-market of Dahisar. Theproject has raised the bar of quality and design in Dahisar and its response has beenunprecedented as a result with over 400 units sold at launch. The project is a jointventure between one of the step-down subsidiary of your Company and ManVastucon LLP asubsidiary of Man Infraconstruction Limited.
In the coming year we are set to continue our journey with renewed determination andstrive to set new benchmarks in urban living in Mumbai. With the Maharashtra government'sDevelopment Control and Promotion Regulations (DCPR) 2034 clearing the air on many stickyregulatory aspects with respect to real estate development in the city construction isnow in full swing on many of our projects and we have embarked on the planning processfor a number of our other land assets. In view of this we expect to see increased salesvolume in the next few years and therefore deliver more shareholder value.
|Sd/- ||Sd/- |
|VINOD GOENKA ||SHAHID BALWA |
|CHAIRMAN & MANAGING DIRECTOR ||VICE CHAIRMAN & MANAGING DIRECTOR |