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Indian Real Estate Explosion: DownUnder Forays Into India

Indian Real Estate Explosion: DownUnder Forays Into India


Australian Realty Consultant Wants To Partake of Indian Real Estate Pie L.J. Hooker, an Australian real estate consultant major with a significant presence in South East Asia through 700-odd franchisees, is getting set to foray into India's red hot realty market, opening its account here with its first franchisee in Bangalore, followed by Mumbai. The entry comes at a time when increasing participation of foreign investors and multi-national occupiers is driving the demand for expert-advice in the domestic real estate industry. Further, developers, lenders and investors have also been demanding better transparency in effecting transactions. "We've been looking at the Indian market for a while now. But, we believe this is the right time for a branded player like us to enter, because we're catering to a sophisticated Indian population, " announced Ramneek Bakshi, Principal, L.J. Hooker India. The basket of services offered by the company, apart from consultancy, includes a rent-management scheme. "Apart from finding a tenant for vacant commercial / residential space, we undertake property management activities like collecting rent on behalf of a landlord, paying taxes for him, renewing leases, carrying out maintenance work on the property among others, " adds Mr. Bakshi. Of course, Hooker plans to charge a small fee, usually about 2% of the fixed monthly rent. It will also, periodically review the client's real estate holdings and advise him on future real estate investment, which is essentially telling the client when to buy or sell, and where to do the same as part of its portfolio management activities. With operations spread across a host of countries in South-East Asia, the L.J. Hooker group has over 730-franchises and employs about 7, 000 people in Australia, New Zealand, Papua New Guinea, Fiji, Indonesia, Hong Kong, Shanghai and the UAE. Money attracts money, but India's economic success is also attracting those who wish to make money from its increasingly prosperous and sophisticated business sector. Australian Realty Consultant Wants To Partake of Indian Real Estate Pie L.J. Hooker, an Australian real estate consultant major with a significant presence in South East Asia through 700-odd franchisees, is getting set to foray into India's red hot realty market, opening its account here with its first franchisee in Bangalore, followed by Mumbai.

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