Realty service players warm up to India
A number of real estate consultancies are now entering India or expanding their operations in the country, if already present, reports Varun Soni.india Updated: Dec 17, 2007 22:50 IST
The world's leading integrated global real estate services and money management firm, Jones Lang LaSalle (JLL) Incorporated, recently hosted its global board of directors and global executive committee for the first time in its 220-year history in Mumbai.
Choosing Mumbai over the US and Europe showed “JLL’s commitment for further investment in India” and the recognition that the country is now getting from foreign players.
A number of real estate consultancies are now entering India or expanding their operations in the country, if already present.
Says Vivek Dahiya, Director, DTZ, which set up base in India in 2004, “While some of the earliest players who entered India in the mid-90's were either joint ventures or franchises, in early 2000 we saw firms enter as wholly owned subsidiaries. This was another step in improving service delivery levels.”
CB Richard Ellis (CBRE), the first global real estate consultancy to foray into India in 1994, is today present in 33 cities, with full-fledged offices in six cities. Says Anshuman Magazine, Chairman and Managing Director, CBRE South Asia, “With awareness levels increasing about India’s real estate potential, the business is growing and so is the way it is being perceived outside today. The opening up of foreign direct investment in 2005 has further accelerated the investment interest in the domestic real estate sector.”
Seeing this potential, JLL has even decided to invest $ 1 billion in the development of property in the country. The investment management business of the company will tie up with local developers to develop properties in all segments. “We will consolidate our businesses in Tier II and III cities as well as get into the verticals of healthcare, hospitality and industrial. By 2010, we plan to set up offices in 25 cities,” informs Anuj Puri, Chairman & Country Head, Jones Lang LaSalle Meghraj.
Adds Colin Dyer, President and Chief Executive Officer, Jones Lang LaSalle Inc., “Today, we are the largest real estate services firm with over 3,300 employees across ten Indian cities, managing approximately 44 million square feet of real estate space across India.”