In its attempt to broaden its service profiling and reduce its current dependence on residential property sales segment, real estate management firm BOP is recasting itself on the lines of international real estate advisory firms.
BOP has already inked marketing JVs with Jaypee, Omaxe , Unitech , Wave (Chaddha Group) and is looking at signing up big ticket builders for marketing deals. It has set up an office in the Middle East is actively considering setting up bases in Australia an north America to cater to the vast majority of non resident Indians .
Firms like BOP owes its origin to the last cycle of real estate boom. Interesting events are taking place in the Indian real estate sector. The last few years witnessed the consolidation of American real estate advisory firms in India. JLL Meghraj , CBR Richard Ellis , Knight Frank , Cushman Wakefield etc have gradually broadened their service profile in India and introduced multiple global standard services besides moving into tier two cities and even taking over marketing rights of a slew of large real estate firms .
Says Sumit Ghosh , Vice President , BOP , “ By sheer transaction value , last financial year , BOP was the largest real estate management firm. We are ten times larger than all international real estate management firms put together in India. We are in the process of broadening our service outlook.”
BOP has drawn up an ambitious recast plan. It has divided its real estate advisory business into four broad heads with separate profit center operations: Corporate, Residential, land bank management global advisory and research valuation and consulting services.