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International property consultant JLL India launches residential brokerage business
ET Realty  |  January 24, 2019

Kailash Babar ET Bureau

JLL India’s newly set up residential brokerage division with team of 50 property experts across 7 cities across India will offer a bouquet of technology-enabled advisory and transaction services to home buyers and developers, the company said in a release.


In April 2017, former JLL India Chairman and Country Head Anuj Puri had bought the company’s residential brokerage division with nearly 200-brokers team across eight Indian cities.


To meet its plans to scale up JLL’s Residential Brokerage Business, JLL India plans to ramp up the team to around 100 professionals across Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Kolkata and Chennai.


As part of its range of offerings, JLL will now offer transaction services for new and resale residences in the mid to luxury range and will also undertake exclusive project marketing mandates.


“Our comprehensive and diverse experience across various asset classes and markets coupled with continued confidence shown by the developer and investor community in our capabilities has been instrumental in the launch of our residential brokerage business in 2019,” said Ramesh Nair, CEO and Country Head, JLL India. “Overall, it also helps us complete the entire bouquet of service offerings from JLL.”


The new vertical will be led by industry veteran Siva Krishnan who has over 2 decades of experience in advising and managing a variety of residential real estate investments in India.


The company expects its revenue for 2018-19 (April-March) to be around Rs 4,000 crore. According to Nair, JLL India will continue to invest in a tech-enabled platform to create a differentiated experience for residential clients and developers. He believes the timing and juncture is most appropriate for the company to launch residential services.


Top 7 property markets across India have seen sales and launches rise 42 per cent and 53 per cent in 2018 from a year ago, respectively. In absolute terms, new launches across Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad and Kolkata touched 160,000 units, showed JLL India’s report on residential property markets. Going ahead, new unit launches are expected to remain modest as developers realign their product mix to suit market demand in the post reform regime.


“Our research shows that there has been resurgence in sales with nearly 136,500 units sold in the seven key markets during 2018 compared to 96,400 units sold in 2017. However, sales are yet to match the levels achieved in 2014 which saw an offtake of more than 165,000 units. This clearly reflects the innate potential of the market to grow at a much higher rate in the coming years,” said Samantak Das, Chief Economist and Head of Research & REIS, JLL India.


The outlook for residential sector in 2019 remains positive despite a likely slowdown in launches amidst developers facing tight liquidity conditions. As fallout of the regulatory changes and the NBFC liquidity crisis, trends such as consolidation of the market and increase in joint development agreements that are already evident in the market are likely to continue in 2019 as well.