Dear Shareholders,
I hope this letter finds you in good health and high spirits.
Financial Year 2023-24 was characterised by the buoyancy and performance of the Capital
Markets & Real Estate sector's. Capital Markets have been scaling new highs lending a
feel good feeling and optimism across businesses.
The Indian real estate sector has demonstrated remarkable resilience and growth over
the past year, despite the global economic uncertainties and challenges.
It has experienced a robust recovery, with a notable increase in demand across
residential, commercial, and industrial segments. The residential sector, in particular,
saw a surge in sales driven by pent-up demand, favourable interest rates, and various
government incentives such as the Pradhan Mantri Awas Yojana (PMAY). According to recent
reports, housing sales in major cities increased by approximately 25% compared to the
previous year.
The commercial real estate segment has also shown positive growth, with a significant
increase in leasing activities. The demand for office spaces, especially in technology
hubs like Bengaluru, Hyderabad, and Pune, has been strong. Additionally, the emergence of
hybrid work models has led to an increased demand for flexible office spaces and
co-working solutions.
The Indian government's continued support through policies and reforms has played a
pivotal role in revitalizing the real estate sector. Initiatives such as the Real Estate
(Regulation and Development) Act (RERA) have enhanced transparency and accountability,
boosting investor confidence. Additionally, infrastructure development projects, including
the Smart Cities Mission and the expansion of metro networks, have further fuelled growth
in the sector.
The affordable housing segment has been a significant driver of growth. Government
schemes, coupled with increased urbanization and rising disposable incomes, have led to
higher demand for affordable housing units. This trend is expected to continue, offering
substantial growth opportunities for our company.
The adoption of technology in real estate has accelerated, with innovations in PropTech
transforming the way properties are bought, sold, and managed. Digital platforms, virtual
tours, and data analytics have improved customer experiences and operational efficiencies,
enabling us to better serve our clients and stakeholders.
I am pleased to report that our company is poised to capitalize on these favourable
market conditions and launch several new developments in the coming year.
Looking ahead, we remain optimistic about the sustained growth of the real estate
sector in India. We will continue to leverage market opportunities, invest in
high-potential projects, and embrace technological advancements to drive value for our
shareholders.
In conclusion, I extend my heartfelt gratitude to each of you for your unwavering trust
and support. Together, we will continue to build on our successes and create lasting value
for all our stakeholders.
Thanking you,