Bengaluru based real estate firms are poaching to Sr. executives for top positions from the developers of Mumbai
More than 15 Sr. executives from the real estate firms of Mumbai have moved to Bengaluru
We all know that Mumbai is the financial capital of the country and it is the city where most of the leading real estate developers have their head offices. According to recent survey Bengaluru based real estate firms are well impressed with the skills of those who are working in the Mumbai based real estate firms and due to that most of the Bengaluru based leading real estate are approaching to Sr. Executives and consultants for the top position who are working for Mumbai’s developers.
In last, one year more than 15 Sr. executives from the real estate firms of Mumbai have moved to Bengaluru, yet it is true that currently the sale of residential property and apartments in the financial capital of country is slow. In the latest moves, Om Ahuja, CEO of residential services at Jones Lang LaSalle in Mumbai head office, joined Brigade group as the CEO of residential services in Bengaluru. However; 8 months before Ozone group hired the Srinivasan Gopalan on the position of CEO whereas; earlier he was the COO and CFO of Wadhwa group, a Mumbai based real estate firm. Bhavesh Kamdar was earlier with L&T Realty, but recently he joined Embassy group as the head of leasing department.
Om Ahuja, who recently joined Brigade group, stated that in Bengaluru the prospect of joining new company as CEO in the largest division of Brigade group has credible track record and I think that experience in building the best quality integrated townships is responsible to list it in stock exchanges and it has been also rated as the great place to work from last few years and due to that the decision to move to Bengaluru was easy for me even after spending 20 years in Mumbai.
Why real estate market of Bengaluru is attracting real estate professional?
On the issue of moving to Bengaluru, the experts are saying that the real estate market in Mumbai getting saturated and due to that now it’s difficult to move the prices up. In Mumbai real estate investors have made just little money in past two to three years, but these days Bengaluru is witnessing the huge growth in terms of property development as well as price of real estate market and due to that in past eight months of duration the city has witness the sales of more than nine million square feet of commercial space. In Mumbai the property prices has been decline from 7 to 12 per cent from October 2014, with the total drop of 15 per cent on its peak level, as per the reports of Edelweiss Securities.
Current real estate market of Bengaluru:
These days Mumbai based real estate developers are battling high on the residential and commercial inventories. However; the number of unsold residential and commercial units in the city was highest in India which was approx. 200,000 till December 2014. But it was expected that this quarter Mumbai will take more than 11. 5 quarters to sale its unsold inventory and NCR (National Capital Region) 13.8 quarters, while Bengaluru will take only 7 quarters. Still there is boom for office space and it is fuelled the demand for homes buyers in Bengaluru, however; the city has accounted more than 49 per cent office space absorption in 2014, according to the reports of Colliers International Bengaluru has absorbed 13.77 million sq ft of office space in 2014.
The Gopalan added that Bengaluru based real estate developers are more transparent, professionals and they willing to share project ownership with other private equity firms however; these are not the case with Mumbai based real estate developers. In Mumbai, CFO’s of the organizations run the whole show, but in Bengaluru it is the CEO who is responsible to call the shots with the focused operation.
