Knight Frank India plans to begin property investment services in about two months. The property consultant is already offering agency services, facilities management services and advisory services.
Pranay Vakil, the newly appointed regional chairman for south Asia and Middle East, Knight Frank, said, "This is a new business opportunity that has opened up for realtors. Property has become an investible asset from which one can earn rent. The service that we will be providing is a commission based service."
The clientele that Knight Frank India is looking for these services are mainly high net worth individuals, corporate clients with surplus liquidity and muslim trusts which cannot earn interest but can certainly earn from rentals. The property consulting firm is in talks with some corporates for providing this service.
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In the UK Knight Frank earns one third of its revenues from these services wherein they advise pension funds, international funds and private clients on investment strategy, funding of new developments and sale and purchase of investment property. Globally, the practice manages $30.8 billion worth of commercial property.
Knight Frank India, the international property consulting firm which is a joint venture between Knight Frank, Gesco Corporation, K Raheja Group, Ghanshyam Sheth and Pranay Vakil, is also set to begin its international operations for the Pan Asian region from India. For this, the company has appointed Pranay Vakil as the regional chairman for south Asia and Middle East.
Vakil was till recently the managing director of Gesco Corporation, the property development company. As the regional chairman, Vakil takes charge of a region that includes India, Saarc nations and the Middle East. He will also continue to be the executive chairman of Knight Frank India.
On Vakil's appointment as the regional chairman, John Martin, senior partner, Knight Frank, UK said, "Pranay's new appointment will bolster our senior management team."
As regards the new Pan Asian operations Vakil said, "Thus far the international operations for this region were looked after by various associates across the region. we have now decided to start the operations on our own out of India."
He said, "Wherever they are able to operate directly, they will operate directly by setting up their own office. But in some parts of the region like the UAE in the Middle East they will operate through joint ventures. the company is already in talks with some interested parties for a joint venture in UAE."
Knight Frank India expects to offer the same kind of services in the region. " We want to replicate the services that we have been offering in India," said Vakil. Knight Frank's services include selection, feasibility studies, market forecasts and research.