Ramesh Nair, the new managing director of international property consultant Jones Lang LaSalle’s (JLL) west India region, has been a hands-on real estate person throughout a career spanning over 14 years. Of this, Nair, 36, has spent around a dozen years with JLL, handling its business in Chennai and Hyderabad, among other locations. Prior to JLL, he was associated with equally major players in property consulting such as CB Richard Ellis and Colliers International.
An alumnus of University of Madras and Kellogg School of Management in the US, his profile on networking website Linkedin reads: “One of the youngest managing directors within JLL globally and also one of the longest serving employees of JLL in India.” That is no mean feat, given that nearly 3,000 work for JLL in India and around 20,000 globally.
“I thought (property consultancy) is a good bet in terms of fast-track career development and leading projects. And it paid off,” says Nair on his choice of profession. He has played a key role in the entry of DLF, the country’s largest property developer, and Singapore-based developer Ascendas into Chennai’s office property market.
But his skills in site acquisition, investment advisory and leasing, among others, will come handy in managing JLL’s western region operations, which comprises Mumbai and Pune. Since the beginning of the year, home sales have dropped by half in Mumbai’s key pockets due to a sharp rise in prices and the office market has barely picked up in some areas. While some shopping malls are doing exceedingly well in the region, many face a 50 per cent vacancy.
But Nair is aware of the changing dynamics of the Mumbai market. “It is never possible to relax one’s vigilance here — there is just too much going on. My analysis for Mumbai real estate in 2011 tells me that we’re going to have our hands full this year.”
Nair also says the 2008-09 slowdown in the property market was a great learning experience. Office space absorption, which was 40 million sq ft in 2007 across the country, dropped to 19 million in 2009. “The key lesson was that the market has to correct after a sharp increase in prices, but relationships matter. During ups and downs, you need to value relations,” he says like a true blue realty consultant.
