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NAI
launches its operations in Eastern India in association with NK Realtors |
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Kolkata,
26th April 2005: In view of the growing real estate
potential of India and the real estate boom being witnessed by the
country, NAI, a global corporate Real Estate Consultancy Major launched
its operations in Eastern India in Association with NK Realtors a
prominent name in Real estate Industry in this part of the country. While
NAI at present has operations in more than 300 markets in 40 countries
across the globe,
thus making it among the largest and most networked real estate
consultants in the world, and provides
commercial real estate services to a global clientele, NK Realtors is
one of the largest vertically integrated commercial real estate service
firms in India - offering the most comprehensive services portfolio in
the industry. The
coming together of these two companies provides a unique double sided
advantage to the real-estate industry at large in this part of the
country, as the best of global know-how as well as local expertise is
now at hand. NAI,
which
transacted over US 27 $ billion last calendar year
has entered into a licence agreement with the strongest local contender
NK Realtors and they are entering into similar such agreements in other
parts of the country as well.
Currently
they have their outfits in six cities in India namely Delhi, Mumbai,
Kolkata, Chennai, Bangalore and Hyderabad. Mr
Abhijit Malkani, Managing Director India Operations mentioned at the
conference, “the Indian market is among the most dynamic in Asia and
it definitely is the right time to enter. While we focus on the India
Operations, Eastern India will occupy a special place in our plans and
that can be fully accredited to the huge potential in this part of the
country considering the real estate boom being witnessed here.” As
a result of this association a large number of global investors will be
served by NAI-NK Realtors in this market to explore opportunities in
acquiring residential, commercial and corporate development projects in
Eastern India. NAI is targeting revenues between $1 to 5 million from
this tie-up, and it is also looking at increasing the number of offices
in the region manifold in the next 12 months. The
key sectors driving the demand for real estate in Eastern India are
information technology, call centres, shopping mall development, demand
for housing due to lower interest rates and various tax incentives. According
to a recent global real estate study undertaken by NAI successfully
concludes that over next five years an estimated number of 3.5 million
jobs will be outsourced to India. This would create a demand of
approximately 200 million sq. ft. additional office space. A major
portion of this demand will be fulfilled by the space currently vacant.
However an average of 10 – 20 million sq. ft. new space per year will
be required annually over the next decade.
The study, undertaken in conjunction with renowned real estate
economist Dr. Peter Linneman, reveals that the residential section will
also get a boost to house this new prosperous workforce. Mr
R N Agarwal Director NK Realtors, when quizzed on the comparative
advantages derived from this tie-up answered, “In order to get access
to the real estate solutions nationally and internationally an
international exposure was quintessential, and NAI is one of the leading
companies globally offering the best real-estate solutions worldwide,
hence we thought it mutually beneficial to get into an alliance with
them. With this alliance, tapping the FDIs and getting other MNCs to
come to India will be facilitated greatly”. “By
the tie up we will be able to deliver services in the international
standards, have best practices with international tools and techniques,
as well as advanced technologies. Besides in order to offer
international services in this industry it was essential to cope up with
global competition and a tie up with an international partner was the
best alternative to be at par with the international competition”,
added Mr Agarwal. The
additional services that now come under the NAI-NK bouquet are as
follows:
“As
the real estate industry is booming, the tie up will boost our
capabilities to grow and we will do more business by giving
international standard services to our existing clients and foreign
companies. It will enable the corporates to deal to derive the benefits
of our multi-locational facilities,” summed up Mr Agarwal. While
throwing light on the major trends in real estate in the country Mr
Malkani mentioned that investments in the sector have become really
strong as compared to the scenario two-three years back. A more
structured return on investment approach in the market is observed now
and most of the projects are now being financed pre-sales. The
road ahead for the alliance partners focuses upon a second phase of
expansion which would be kicked off in the later part of the year in the
smaller cities in Eastern India. |