International property consultant, Jones Lang LaSalle Meghraj, is to manage Philips’ real estate portfolio in Asia-Pacific.

According to a press release, the property consultant will manage 4.3 million sq.ft of real estate portfolio that Philips has in the Asia-Pacific. The appointment, which takes effect from June 2009, is an extension of Jones Lang LaSalle’s current relationship as Transaction Management provider for Philips, a world leader in healthcare, lifestyle and lighting.

The release, quoting Mr Yash Kapila, Managing Director, Integrated Facilities Management, Jones Lang LaSalle Meghraj, said that this win is important in the context of the company’s India operations. “This is an exciting win, especially coming so close on the heels of our appointment by Nokia, the world’s leading maker of mobile devices, to manage its facilities in Asia-Pacific. The high demand for professional integrated facilities management services in India is indisputable.”

Fire escape chute at Planet Godrej

Planet Godrej, the 48-storey residential tower by Godrej Properties Ltd, has installed the Ingstrom Fire Escape Chute — an emergency exit that permits rapid, mass evacuation from high-rise structures during life-threatening emergencies, according to a company press release.

As residential towers get taller, facilities like these are fast becoming a necessity providing residents additional security and relief. Some of the benefits of fire escape chute are capacity to evacuate 30 people a minute, descent 50 floors in about 100 seconds, chute access from every floor, protection for evacuees from fire, and suitability for people of all ages and any physical condition.

The press release quoting Mr Milind Korde, Managing Director, Godrej Properties Ltd, says, “We are convinced that this emergency exit product will add value to the existing facilities and our customers can feel safer. We aim to set benchmarks for facilities in our projects and this is an extension of that process.”

Godrej Properties, established as a real estate development company within the Godrej Group, is developing residential, commercial and IT projects in Mumbai, Pune, Bangalore, Kolkata and Hyderabad. Apart from consolidating in the existing cities, the company has entered, or entering, into MoUs for expansion into other locations.

Godrej Properties is proposing, subject to market conditions and other considerations, a public issue of equity shares and has filed a draft red herring prospectus with SEBI, which is available at, and, the release said.

Property expo in Dubai

A property expo by the Maharashtra Chamber of Housing Industry in Dubai last week saw firm commitments for nearly 200 apartments involving investments of over Rs 145 crore.

According to a press release from the Maharashtra Chamber of Housing Industry, which organised the 12th India Realty Expo 2009 between June 4 and 6 in Dubai, 1,096 NRI families visited the export and 106 flats worth Rs 65.33 crore were booked. Further, sale of 86 flats worth Rs 80.18 crore is in the pipeline when the NRIs come down in July-August on their annual vacation.

The release quoting Mr Zubin Mehta, CEO, MCHI, said the softening of real estate prices and home loan interests in India were the key reasons that attracted large number of NRIs during the expo. This was the 8th year of the India Realty Expo in Dubai to provide a one-stop solution to all the needs of an NRI intending to purchase a property in India.

Fifteen leading developers and builders from India, including Ajmera Builders, Mayfair Group, Akar Creations, Better Homes, Everest Developers, Hiranandani Constructions, Marathon Group, Nahar Group, Nirmal Lifestyle, Nyati Group, Our Town, Pathy Housing, Pranjee Group, Rustomjee and Total Environment, had showcased their properties in Mumbai, Thane, Virar, Goa, Bangalore and Pune.

A majority of the walk-ins was Mumbai specific and this was an opportunity for the developers to close a few deals during the expo itself. The NRI customers were seen eager to know the latest prime locations, trend and design for the properties.

The MCHI, formed in 1982, includes members that account for 80-90 per cent of residential accommodation in Mumbai and its vicinity. With over 400 well-recognised and reputed member-builders and developers, MCHI is affiliated with leading industry associations such as FICCI, IMC and CREDAI.


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(This article was published in the Business Line print edition dated June 14, 2009)
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