ANNUAL REPORT 2008
To embark on a journey of success one needs the tools of preparedness,
foresight and strategy. These lead to the path of growth and high quality
operation. Your company is based on firm belief that no matter how adverse
the market conditions are, there is always an opportunity to excel if one
identifies the requirement of the market.
The year 2008 was a year of resilience. The Indian economy saw many
positive indicators even as the global community battled the century's
worst economic crisis. Though the beginning of the year witnessed a sharp
decline in demand especially in the housing sector due to high costs and
equally high interest rates, the government in tandem with RBI gave the
industry a shot in the arm by announcing sector-specific relief and
stimulus packages. Many of the packages were directly focused on the
growing lower and lower-middle income groups, largely ignored so far by all
the major developers who were emphasizing on the higher end segment of the
society by offering multi-crore high end products and ignoring to provide
The fiscal year 2008 was a momentous year for MVL Limited. It saw the
launch of MVL IndiHomes, Bhiwadi, a project envisioned by the company back
in the year 2007. We first propagated the idea of 'affordable housing' for
the toiling millions through the country's prominent English mainline
daily, The Times of India, in the year 2007, providing a business model
catering to the lower segments with tow margins and high volumes which can
fuel the future growth of the industry. The launch of this product has put
forth the resilience of your company. The overwhelming response reposes our
faith in our mission to be . one of the best managed companies with a high
degree of social commitment to deliver projects, which not just deliver a
superb financial performance but also improve the quality of life of
millions by anticipating future and driving market forces than be driven by
them. We are thus encouraged to launch MVL IndiHomes-II in Bhiwadi and at
other locations, primarily III tier and IV tier-towns, shortly.
The company envisages being a leader in affordable realty solutions in all
the verticals. As 360-degree solution provider, MVL also launched MVL India
Business Centre or IBC in Gurgaon. This 'affordable' IT Park targets the
start-ups and growing domestic IT companies and offers good investment
opportunities for even small investors.
Further, the year also saw the launch and subsequent start of construction
of MVL's maiden premium IT space project, MVL iPark. The project adds
prestige to the brand as it is situated in the heart of Gurgaon, the IT hub
of Northern India and is positioned to be the finest business address in
the South of Delhi.
Needless to say, these achievements should be a matter of great pride and
satisfaction to us all and have only been possible because of your
unwavering support to us.
Looking ahead - in the year 2009, there will be intense competition against
the background of a hopefully recovering economy. However your company has
the vision and commitment to outperform the peer groups through innovation,
quality, competitive pricing and admirable customer relations, armed with
excellent corporate governance and management accountability.
MVL constantly strives to enhance the fortunes of all our stakeholders and
it shall be my utmost endeavour to develop MVL as company of choice for its
employees, customers and investors.
I am confident of your continuing support and commitment to achieve greater
heights in the years ahead.
Prem Adip Rishi