It is my pleasure to present the 29th Annual Report for the year 2016. The year gone by which had commenced in the shadow of gloom, slowly and steadily saw improvement in consumer sentiments. Riding on strong regulatory reforms, reduction of interest rates and attractively packaged pricing, the sector witnessed renewed demand. Affordable housing took the centre stage. Overall with the positive measures, the year ushered optimism across the industry.
The major thrust was the reforms that are promised to be unfurled with the passing of the Real Estate (Regulation & Development) Act, 2016 which will ease the home-buying process for consumers. Your Company is confident that it will bring about positive changes in the future.
It is expected that the proposed Development Plan and Development Control Regulations, 2034 will be notified soon. We expect that the introduction of same will change the scenario for the developers.
The Government is also planning massive infrastructure development in Mumbai, through construction of Metro line 2 & 4, East-West connectivity, Nhava Sheva link road, Coastal road, etc.
In another positive macro level development, MCHI-CREDAI and the Government of Maharashtra signed a landmark Memorandum of Understanding (MoU) for promoting the construction of Affordable Housing. As an integral part of the real estate sector with Group legacy spanning over five decades,
your Company has committed to positively contribute to this initiative by developing 10,000 affordable homes by 2026 in and around the outskirts of Mumbai.
Affordable housing has been a part of the DNA and value system of the Ajmera Group and it continues to be a part of the business strategy. At Ajmera Realty & Infra India Ltd., we once again take immense pride in being able to participate in this nation-building activity which also provides us an opportunity to make far-reaching changes to the lives of people across the country with better housing solutions.
Iconic buildings and large townships that are built by your Company are spread across the landscape of Mumbai, Pune, Ahmadabad and Bengaluru and also overseas in Bahrain signifying in concrete our legacy of anticipating needs of our buyers, and serving their purpose. Development work at various projects of our portfolio continues at a brisk pace.
Work at Ajmera i-Land at Bhakti Park, Wadala which is Mumbai''''s only interconnected and integrated new-age futuristic project is running in full swing. The unmatched location advantage of this project and proximity to modern infrastructure which enables easy access to all key business districts (in South Mumbai, the main BKC hub, Eastern side and Navi Mumbai), the domestic airport and also the proposed sea link to Nhava Sheva continues to add to the appeal of this mega project in our portfolio. We have incorporated MIVAN shuttering system for high rise tower to reduce cost, time and energy. We are contemplating to explore new technologies in building construction activities to increase efficiency thereby ensuring timely deliverables. Despite local regulatory challenges, the final delivery of different phases of Ajmera i-Land (Bhakti Park) project shall commence from this yearend onwards.
We are happy to announce that we have successfully completed the Phase I of Stone Park, Bengaluru and Phase II is in full swing. Villows is an ultra modern project of your company at Bengaluru offering finest amenities at the disposal of privileged residents.
Technology today is changing the way we live, work and communicate with each other. It has created a new dynamism that can hardly be ignored. To build an even more customer-centric organization, we have focused on making far-reaching changes in the way to enhance our customer relationship through introduction of modern CRM tools. We have also adopted various technology-driven tools to enhance and infuse more efficiency in all that we do and this single initiative will have tremendous impact on our business in years to come. I am happy to share that the Company has received the ISO 9001:2015 certification which endorses the high standards of our Quality Management System (QMS) which is closely integrated with and aligned to our organization’s objectives. This certification is one or major achievement as we are not only India''''s first but globally the first company in the real estate sector to obtain this certificate.
In keeping up with your Company''''s commitment of building a greener tomorrow, your Company''''s project includes various initiatives driving sustainability right from selection of the building material, technology used to create the structures which reduces wastages to rain water harvesting, water recycling, recycling garden and sewage waste and incorporating energy saving features, amongst other green initiatives. Almost all projects in our portfolio reserve have significant amount of the total project for focused green initiatives.
We encourage an environment in which employees can easily align their personal goals with our vision, mission and the corporate goals. The sync of organization goal and talented force is the hallmark of creativity and cognitive thinking, which enhance the passion to deliver excellently. We have invested in technology to infuse efficiencies and fuel productivity to facilitate superior time management by our people and project management and pave the road to an environment and culture of achievement.
The Company has always been visibly active in philanthropic activities. As a socially aware and responsible corporate citizen, your Company has provided skill development training and recruitment to the flood-hit candidates i.e. educated individuals of J&K through a MoU with NSDC, a corporation recognized by the Ministry of Skill Development & Entrepreneurship.
Government of Maharashtra has set up relief fund with an aim to make villages free of water scarcity by 2019 by channelizing proper water flows through construction of dams, widening of rivers, etc. to use and store water proficiently. We participated by donating to the said fund named “Jalyukt Shivar Abhiyaan”.
Our CSR activities moving ahead will be focused on supporting projects in the fields of:
Facilitating skill development Providing medical aid Developing solar power to infuse self-reliance and sustainability
Supporting sanitation and the Swachh Bharat Campaign
I take this opportunity to thank all our employees for their commitment and focus. I also would like to place on record the various hands-on work undertaken by members of the Board and senior leadership team in making far-reaching changes which strengthen the foundational roots of our business. I would also thank all our business partners, bankers, financial institutions, vendors and all stakeholders for their continued faith and trust.
We look forward to the forthcoming year with enthusiasm, optimism as we remained focused on delivering value to all our stakeholders.
Rajnikant S. Ajmera
Chairman & Managing Director