04 December, 2020

The Plot Thickens

The entry of foreign firms revolutionises the real estate business

The Plot Thickens

EVERY panwala or kiranawala, with knowledge of a couple of empty flats in his neighbourhood, rolls up his sleeves and turns into a real estate agent. But, creeping into the market are multinational firms, who, by virtue of size, funds and service, are rewriting the rules of the game.

Enter the new breed of brokers: functioning from posh offices, using laptops, and backed up by professional degrees—in contrast to the barely educated local brokers who function from seedy rooms. As of now, eight multinational property consultants (see box) are in India and more are likely.

"We came to India as our clients wanted our services," says Elizabeth Parry, director, Richard Ellis Ltd, who, with Colliers Jardine (India) Property Services, were the first to set shop in 1995. Their main clients: foreign firms entering India, who prefer to rely on companies they are familiar with. "Our clients wanted our services in India as the risks and exposure are high and information hard to come by," says Aashish Velkar of Cushman...



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