Bangalore seems the most preferred realty investment destination for Jones Lang LaSalle (JLL). Global property consultant will make their entry into the investment arena by investing in Bangalore.
Stable residential market in Bangalore attracts Jones Lang LaSalle.
Out of its first India-focused real estate fund, Jones Lang LaSalle will make an investment. However their first investment will be in Bangalore, their most preferred choice.
As per the available sources, Jones Lang LaSalle plans to invest Rs.30 Cr in Bangalore for developing two luxury housing projects. The deal will be done under Jones Lang LaSalle’s Segregated Funds Group. The closed fund has collected a total amount of Rs.300 Cr.
Four sites in Bangalore have been identified by Jones Lang LaSalle. JLL has entered into final talks with two developers of the city. If the talks come in the way JLL expects, the developers will be developing two residential projects in the city.
Last year itself, Jones Lang LaSalle received the approval of Securities and Exchange Board of India.
JLL’s Segregated Funds Group is a new investment plan. The main aim of the fund is to have investment in the Indian realty market. However the fund was hit hard by sluggish real estate market and the global economic crises.
Jones Lang LaSalle now plans to have some investment in Bangalore realty.
Residential market of Bangalore is seen as one of the best for private equity investment in India.
Nearly $2 billion (approximately Rs.10800 Cr) worth projects were launched in India in 2012, the year which was hit by overall sluggishness in the real estate market. Last year, sluggishness shadowed the residential market across India. Yet, Bangalore residential market was far stable. It is said to be less affected by the sluggishness.
The demand for luxury housing projects are surging in Bangalore. This might have been the reason why Jones Lang LaSalle too plans to have projects here. Bangalore’s capacity to generate vast number of jobs makes it one of the best and most sought after home destinations always.