Property management concept is nothing new under Indian conditions but so
far it was confined to a few companies only extending the services for
corporate sector. But on the retail client's front, not many efforts were taken
due to a combination of factors. Today, there is a demand for property
management from two lakh apartments, say industry sources. This is because the
demand not only emerges from NRIs but also from residents who are migrating to
other states within the country in search of better career opportunities. So
the need for such service increases when they invest in housing in one city and
suddenly were compelled to shift to another city.
Comprehensive services
According to industry sources, a few companies are already in operation in
Bangalore. While some are expanding their operations to other cities, others are
in the process of doing so. The competition is not much today but with the
passage of time, more companies are likely to enter the fray. In the coming
years, 12 major international brands providing similar services are likely to
enter India. The comprehensive range of services provided by property
management companies vary from preventative maintenance, placement,
contracting, response maintenance, signage, commercial cleaning, pest control,
annual maintenance contracts, health and safety.
For global Indians or even for residents working in other cities within
India, leasing, remittance of statutory dues and other related areas
necessitate services from the property management companies. Industry experts
feel that the growing importance of property management services should be
realised not only by the end users but by property developers and architects as
well at the implementation stage itself. This will enable them to better
understand the intricacies involved in the maintenance exercise.
For instance, if the top and edge of the building is not constructed in a
way that can support appropriate movement for cleaning services, then it brings
untold agony to both, feel experts. According to market sources, the rate for
property management varies depending on the building, area and type of services
required by the clients. Besides maintaining the building, property management
companies are now extending their services even for resale of existing units
and providing architectural designs. The scope of services may get enlarged
further. There are better days ahead for investors in real estate to manage
their assets without the need to solely depend on relatives and/or friends.
This will also encourage more people especially NRIs/PIOs who are awaiting an
opportunity to invest in specific asset category to earn periodical income on
investment.
Add-on value to buildings
Additionally, there is a growing realisation among the investors about the
addon value accrued to a well maintained building. Even the resale of apartment
units is enhanced in a project managed by professional agencies. With the
growing number of residential and commercial projects engulfing the city,
demand for property management services can only go up. Property developers
should also realise the need for facility management services, as it is their
reputation which is at stake if their project is not maintained well, say
property management companies. As developers cannot undertake such services
beyond a particular period after the completion of project, there is an
increased need for independent and professionally managed companies providing
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