We wish that you are safe healthy and taking all precautions for yourwellbeing.
FY21 started with the onset of Covid-19 pandemic which by now has trulytransformed several aspects of our life. The challenging situation made everyone moreempathetic and sensitive towards life and the world at large. Even though the pandemic ledto a lockdown for almost six months during FY21 the crisis only made us stronger andsmarter in managing our lives and our business in an uncertain environment. Suchchallenges always compel us to innovate take initiative and become more resilient for thefuture.
Adapting to the difficult situation we continued to work from home andensured all our stakeholder requirements were addressed. Our employees were equipped withnecessary tools and infrastructure to handle all customer queries virtually. Ourtechnological solutions enabled our employees to Work from Anywhere' ensuringseamless collaboration among themselves and our business partners. We also made sure thatour labour force and security staff were provided with requisite essentials regularly. Allour sites have been following the safety guidelines since the pandemic and we have beenconstantly updating them thus offering our workforce a safe environment to function. Formore transparency efficiency and as a part of our environment initiatives we have beenusing some of the best industry software to monitor the project progress cost and manageresource efficiently. To ensure the safety and wellbeing of the employees and theirfamilies the company concluded a vaccination drive for approximately 1700 individualsacross the ORL group Westin and Oberoi Mall.
While the first half of FY21 was subdued because of the lockdownconstraints however the initiatives taken by Central and State governments RBI and otherregulatory authorities offered great support which ensured that the second half made upfor the whole year. I would also like to thank all my shareholders customers andpartners for their confidence in the brand and continuous support. It was very encouragingand helped us to continue our fight against the pandemic during these demandingsituations.
The pandemic also led to a paradigm shift in consumer preferences andbuying behaviour. It made people realise the importance of owning a home that takes careof all the needs and safety of every family member. This realisation shifted consumerpreferences towards spacious homes and integrated residential developments having anecosystem of amenities social infrastructure workspaces shopping dining andentertainment destinations. Furthermore developers with high brand equity financialprudence proven track record of construction quality and delivery saw a consolidation ofdemand in their favour. The convergence of these changing consumer preferencesconsolidation in the sector and low home loan interest rates ensured a stupendous salesperformance in FY21 for the company. Customer's comfort to deal with developers whohave the financial stability will ensure that the market share for established playerslike us will continue to increase further.
FY21 has been a year where we strengthened our position and focused onexecution growth and expanding horizons. Even during the pandemic all our residentialprojects received robust interest from across the globe. The new launches at Goregaon andBorivali received remarkable response from homebuyers. We leveraged consumer insights toidentify the emerging trends in buying behaviour post pandemic and accordingly designedspacious homes. We also added a multipurpose room that can be set up as a dedicated WorkFrom Home area. This additional space was created to meet the new requirement of thehomebuyers.
On our annuity portfolio we leased 1.1 million sq. ft. in Commerz IIIour upcoming commercial building at Oberoi Garden City Goregaon to a leadinginternational financial services company making it one of the largest office spacetransactions in India. Our retail business performed well and during the festive seasonthe sales volume exceeded the pre-covid levels. We believe there is a lot of potential forthe real estate sector to grow.
At Oberoi Realty our vision is to build contemporary and sustainabledevelopments that will offer a better quality of life for our customers. We are certainthat our customer-centric approach strong corporate governance and deep understanding ofconsumer behaviour will only make us more robust and resilient. Technology will play apivotal role in enhancing customer experience in the post-covid era and we are well poisedto adapt ourselves seamlessly. We believe success is achieved by those who pursueperfection in every detail and never settle for anything less than excellence.
Stay Positive Stay Safe & Stay Healthy.
Chairman & Managing Director