Following the slump in 2009, the year 2010 saw the real estate sector bounce back. This year witnessed an exciting and recovering economy where demand in the luxury market witnessed a distinct come back as well as a significant increase in commercial leasing. This was in many ways the year of resurgence in real estate with healthy demand across sectors including Residential, Commercial as well as Retail. Mall leasing also increased with regular and luxury malls doing steady business along with the hospitality business picking up in a big way.

2011 promises to be an even better year for realty. The commercial sector is already on an upswing, and with the generation of more jobs, the residential realty demand is only set to further increase.

Within Bengaluru, the southern part of the city will continue to grow, especially the areas of Jayanagar, Bannerghatta and Kanakpura Road. Needless to say, Whitefield is fast developing into a satellite hub to the city and will soon become a self-sustained locale, especially now with an elaborate social infrastructure in place with prominent malls in the area making a mark. North Bengaluru will however take some time to gather momentum and keep pace with other parts of the city that are witnessing rapid growth.

On the Infrastructure front, I don’t think Bengaluru saw significant change in 2010. However, once the Metro service which is gathering pace becomes operational, it will hopefully make a big difference to the city’s commutation woes. The Metro service should be adopted with great favour as it will bring down traffic on the roads and also help cut down on pollution.

2010 was also a memorable year for the Prestige Group as we successfully launched our IPO in the month of October. And now with this increased liquidity, we look forward to creating more value and innovation for our stakeholders in 2011 and beyond. Another achievement for the Prestige Group this year was the upgradation of Vittal Mallya Road in collaboration with the UB Group. Going forward, our focus will be on relevant segments including a mix of high-end, mid and affordable housing. We have also lined up a slew of launches for next year where we will be expanding across South India with malls, hotels, commercial and residential projects across the cities of Chennai, Kochi, Mangalore, Mysore and Goa apart from Bengaluru.

With the launch of Prestige White Meadows this year, we have created another yet another benchmark in luxury housing.

2011 will welcome yet another landmark project from the Prestige Group, with the launch of Kingfisher Towers, a super luxury residential project next to the UB City. Other projects in the works include Prestige Edwardian, a niche residential development on Edward Road and the distinctive Prestige Hermitage which will feature a single apartment per floor as one of its offerings. The Prestige Group will also launch two residential projects in Chennai as well as a hotel in Whitefield in association with CapitaLand, apart from several other commercial and retail projects.

While the real estate sector is only set to grow further hereon, we should not allow the prices to increase too quickly as this could prove detrimental. In my opinion there needs to be a stable and organic increase in prices so as to sustain itself, while maintaining the growth momentum.

This year is passing over and it has been a year of learning and recovery; while we are on the verge of discovering what the New Year holds, I look forward to new frontiers and roads to be traversed. This is a good occasion for a resolution too.

Personally, I would like to contribute to Bangalore’s development and help make it a better place to live, to breathe and to commute. This is my city too and as an integral part, I feel that Bangalore’s future lies on the hands of its people. We as its citizens can make a difference, only if we try.