NEW DELHI (INDIA): Leading international property consultancy JLL India today announced the appointment elevation of senior leader and industry veteran Naveen Nandwani as Managing Director, Bangalore & Kochi. Earlier on board as Executive Director at Cushman & Wakefield, he joined JLL India last year as National Director – Markets, South India.
An acknowledged and highly-connected commercial real estate expert with 19 years of industry experience, Naveen Nandwani looks forward to assuming leadership of one of JLL’s strongest real estate teams in India. JLL Bangalore has been instrumental in securing several innovative high-value deals in the market, with several high-profile landmark deals to its credit.
Santhosh Kumar, CEO – Operations & International Director, JLL India said, “With Naveen Nandwani at the helm, JLL’s highly important operations in Bangalore and Kochi are in eminently capable hands. He is a thoroughbred professional with intimate knowledge of these markets, and has already earned his laurels as the head of this region’s commercial real estate team. His acumen and stature among our key clients will play a key role in furthering our leadership status in the Bangalore and Kochi markets.”
Naveen Nandwani is very upbeat about his new role. “This is an optimal time to take advantage of the unique dynamics currently governing Bangalore’s commercial real estate segment,” he said. “In 1H2016, the city has witnessed one of the highest absorption levels of office space in Asia Pacific. About 6.6 million sq. ft. were absorbed in Bangalore until 3Q16. Simultaneously, the vacancy level in the city has dropped to about 3%. Most of the office space under construction is also pre-committed, so there is a severe dearth of Grade A space available for leasing.
As a result, office rents increased significantly in 2016, with the SBD alone seeing a 7-8% increase in just one year and in some properties rents increased by 10%. The limited supply situation is likely to drive built-to-suit leasing activity in the city going forward.”
Commenting on Bangalore’s legendary residential property market, Naveen said, “Interestingly, the strong leasing activity in office space is not reflecting much in the residential sector this year, and demand has remained relatively slow. This is largely on account of two factors – the current macroeconomic conditions keeping purchase decisions at bay, and the new guidelines passed by the National Green Tribunal on development around lake beds and storm water drains. About 26000 units residential were sold until 3Q16. The depressed demand environment has also slowed down new launches in the city; about 25000 units were launched until 3Q2016 as against 32000 units last year in the same period.”
Meanwhile, Bangalore’s retail real estate market continues to hold its own. “Retail leasing activity has remained stable as brands have expanded across the city,” said Nandwani. “Brigade Group’s Orion Mall in Banaswadi is now operational and RMZ’s Galleria mall is likely to be operational in the next quarter. Both are seeing strong occupancy; in fact, most good malls in Bangalore have very low vacancy. Overall, there has never been a better time for an active investment in the Bangalore real estate market, and I look forward to exciting times ahead.”
Naveen Nandwani will simultaneously join JLL’s India Leadership Council.