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| US-based property group RE/MAX sets up shop in Gujarat |
| Chitra Unnithan / Mumbai/ Ahmedabad Sep 25, 2009, 00:11 IST |
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Aims to garner 25 % of brokerage transactions in Gujarat
After Jones Lang LaSalle and Cushman & Wakefield, another US based real estate organisation is now making inroads in Gujarat.
RE/MAX India, a division of US-based RE/MAX International Property Group, is all set to commence its operations in Gujarat next month.
The Delhi-headquartered real estate brokerage franchising company is currently identifying companies interested in buying broker-office franchises to operate throughout Gujarat.
According to Manan Choksi, regional franchisee owner in Gujarat, "The market for real estate broking services is currently fragmented and unorganised in the state. As there is a lot of migration in to the state, coupled with investments, we expect a compound annual growth rate (CAGR) of 20 per cent in the next 5 years. Besides, we expect to conquer 25 per cent of the brokerage transactions in Gujarat. We wish to employ the top 15 per cent of brokers in the state who are most productive. This will ensure the desired market share as we believe in 'outstanding agents, outstanding results. Eventually, over a period of 10 years, we expect a 35 per cent market presence in Gujarat."
RE/MAX, among other things, brings the network support needed for real estate transactions by selling broker offices to provide a variety of real estate services.
The broker-offices of RE/MAX provides guidance to both the buyer and the seller for a real estate transaction. The company plans to open 20 broker offices at the end of first year. "By the end of five years, we expect around 80 offices across the state. A country like Czech which has a population of 10 million has 155 RE/MAX broker-offices. Hence, Gujarat has a potential of around 200 offices in 10 years time," Choksi added.
RE/MAX has opened its office at Mithakhali in Navrangpura area in Ahmedabad.
Commenting on the growth of the company, Choksi further said, "RE/MAX Gujarat is investing Rs 3 crores in the next two years in developing the region. Moreover, the company will be spending a lot of money in branding and advertising. Internationally RE/MAX spends $ 1 billion (Rs 4800 crore approx) on advertising."
RE/MAX forayed into India a year ago and has presence in Bangalore, Chandigardh-Panchkula, Pune, Tamil Nadu and Kerala.
RE/MAX is an international network of independently owned and operated offices offering a variety of real estate services. Based in Denver, Colorado, RE/MAX International has presence in over 79 countries and has around 6850 offices, with 1,00,000 broker agents across the world.
While Jones Lang LaSalle Meghraj set up its shop in Ahmedabad in July this year, Cushman and Wakefield is still to set up a office here. Both the firms have, however been operational in the state from past few years. Besides, another global real estate consultancy firm UK based Knightfrank has also been active in the state.
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