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2007-08 has seen momentous transformations in the global economy, at a time when India, in its 21st century avatar as a global power to be, is rapidly building her social and economic infrastructure.

As squarely placed in the infrastructure sector as Prajay is, it is good that we have successfully retained our focus on the spaces our people occupy most of their lives: their homes, shops, offices and, by extension, leisure spaces as well.

As for industrial growth, the nation’s target for expansion of the mother industry – steel – has in fact been raised from 180 MTPA to 300 MTPA by 2020. It will impact positively on the construction sector, especially as it relates to housing and urbanisation. The growth of India’s infrastructure cannot be held back.

This is illustrated by the projects we have completed as much as by the projects we have in hand: our managerial and operational teams have indeed built on the growth momentum generated right from the time of Prajay’s modest beginnings not so long ago.

Today, we are not only growing faster than the industry, we are securing plum projects against formidable competition. We are not only building homes for homemakers, we are making confident advances in the hospitality sector. We are not only registering substantial revenues and profits, we are laying foundations for a bigger and brighter future. We are not only benchmarking our performance against international standards, we are actually linking up with notable international partners to internalise what is the global best of class.

When I consider that during this year alone my colleagues and associates have raised the Company’s net worth by nearly six times, I can only say my pride in Prajay’s tenacity and resourcefulness is vindicated many times over. In a scenario of slowed growth, where certain segments of the real estate sector will no doubt be hit, I note with satisfaction that we are steadily replenishing our land bank. This activity has so far given us the early mover advantage in our market territories. It will stand us doubly in good stead now. It enables us to build strategic reserves of land when the market is low. We shall also be able to sustain our momentum competitively in the foreseeable future by offering the most affordable use-values at both high and low ends of the market for a great many years to come. Finally, we are still looking for, bringing in, and building up talented professionals. It means we shall at all times have that most essential resource, the human talent, initiative and energy that can make a Company great.

As the fiscal facts demonstrate, your Company is husbanding resources prudently, and we can look to outlast the trough of the cycle till it hits the upward curve again.

I invite all stakeholders to join me in congratulating the management and operations teams in a year of dramatic challenges and commensurate achievement.

D. S. Chandra Mohan Reddy