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Real Estate News Releases
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(EstateNewsWire.com, April 15, 2013 ) Richmond, Canada -- After the outsourcing of a large portion of its construction in 2012, DLF is now deciding to outsource the management of all its properties to third-party management firms.
The company is nearing a contract with Cushman & Wakefield and Jones Lang LaSalle in order to manage the company commercial and retail spaces. Each has specialized divisions that management property for developers of several types. Both companies, along with Knight Frank, have bagged the contract to manage DLF residential property.
Property management within India is a booming business. "The aim is to focus on DLF's core competency of real estate development. This would free up valuable management bandwidth," said a person close to the development, who did not wish to be named.
Such management involves operating and maintenance control of buildings, as well as engineering everything from engineering services, security, as well as energy management. Pms also deal with sustainability practices along with softer services such as doormen and reception, landscaping and so forth.
Cushman and Wakefield will manage assets within Hyderbad and Chennai, while Jones Lang LaSalle will take on Kolkata and Chandigarth. Building within the Gurgaon will be divided equally among the companies. Cushman & Wakefield all manage the three retail assets found within Delhi.
As far as residential space is concerned, the 7 million square-feet will be outsourced. That includes the buildings like Icon and Pinnacle in Guargaon.
Though DLF has outsourced the work, it will continue to be the interface for particular clients within its office building, as well as retail malls through an in-house relation team. "The rest of the team of DLF, which managed all these properties, will be transferred to Cushman & Wakefield and JLL," the person added.
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Source: EmailWire.Com 
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