La Salle Partners Seeks Realty Nod

La Salle Partners, the $350 million US real estate major, has set up its first office in the country in New Delhi to offer professional services on real estate matters and plan to set up such as offices in Hyderabad, Bangalore and Mumbai in near future.

La Salle Partners India Private Ltd has been incorporated as a 100 per cent owned Indian subsidiary of a Mauritius-based joint venture between La Salle Partners and an NRI.

While La Salle owns 40 per cent equity in the Mauritius-based overseas corporate body (OCB), Homi Patel, an NRI, holds the balance 60 per cent equity.

 

La Salle Partners, which has already received permission from the Reserve Bank of India to set up an office in Delhi, has now sought the Rerve Bank of India s permission invest upto $3 million in the country.

However, the exact amount of investment will depend on the way business takes shape in India as ours is a client-driven approach, the company chairman and chief executive officer Stuart L Scott told newsmen yesterday.

La Salle India will the ninth such property consultant company in the country apart from Richard Ellis and Colliers Jardine, among others, said La Salle executive David J Fowler.

Of the three major activities of La Salle Partners namely property management service, corporate and finance service and investment management, the Indian company will be focussing on the property management aspect only, Scott said.

However, as and when the government s permission comes, the company will go in for other activities such as investment in the real estate as well, Scott said.

About the company s unique selling proposition (USP), David J Fowler, chief executive officer of La Salle India Private Ltd said that his would be the first property consultant company which would hire the services of architectural and account firms and provide the holistic service.