Economic and industrial growth in Gujarat has attracted national real estate players like Godrej and Tata Housing. Now, top real estate consulting companies of the country are focusing on the state and have set up base in the city.
Top three realty consultants in India – Jones Lang LaSalle (JLL), CB Richard Ellis (CBRE) and Cushman & Wakefield (C&W) – have started focusing on Gujarat as they believe that even though it is a small real estate market, it has good growth prospects in medium to long term.
JLL already had a base in Ahmedabad, while the other two consultants have recently opened their offices in the city. Interestingly, JLL has promoted its head of Ahmedabad Operations Nirav Kothary as head of industrial segment because of increasing industrial activities in the state.
“When a real estate consultancy perceives that a particular city or state has a bright future, it will naturally seek to establish a presence there. Ahmedabad – and Gujarat in general – have great potential for progress,” says Anuj Puri, chairman and country head of Jones Lang LaSalle India.
He adds that by launching operations in a city like Ahmedabad, a real estate consultancy builds closer ties with local and national developers active there, as well as with financial bodies and - as in the case of JLL India - with relevant central and state government agencies.
The consultants follow the demand of their clients many of whom have shown interest in Gujarat. “Many of our clients are in the manufacturing segment and want to set up factories in Gujarat. Moreover, we have been doing financial feasibility assessment for setting up industrial zones,” said Anshuman Magazine, chairman and managing director of CB Richards Ellis, South Asia.
Speaking on similar lines, Sanjay Dutt, executive managing director, South Asia, of Cushman & Wakefield said, “Gujarat has been one of India’s most recent economic success stories which has ensured that the real estate market has seen a corresponding high. Ahmedabad in specific has been on the rise on account of favourable government policies backed by keen interest from corporate India. We expect greater opportunities to emerge in this region.”
The consultants believe that not only the industrial but residential segment is also growing in Gujarat because of increasing prosperity of the state. They feel industrial growth will lead to job creation which will propel demand in the residential, retail and office space market. “The Gujarat real estate market is relatively small but it will grow and the market is important for us in medium to long term,” said Magazine.
NRI interest in Ahmedabad realty market is yet another reason for consultants to set up their base in city. “Historically, Gujarat is closely linked with the financial capital of Mumbai. Most retail and finance business is based in Mumbai, while Ahmedabad has the developer and investor bases. An operational base in Ahmedabad allows us to link the two for optimum efficiency and also allow us to service Gujarat’s extremely strong NRI community,” says Puri.
Industry experts believe that the real estate consultants are entering the market when it is stagnant. “So they will get a chance to consolidate their position through networking and optimise boom time opportunities in future,” said market sources. Finally, the presence of independent property consultants (IPCs) adds a touch of professionalism to Gujarat’s thriving real estate market, and helps it to open it up for new investments and opportunities on a pan-India and global level, believe the consultants.
Source: www.dnaindia.com
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