New Delhi, May 8 2013: Leading international property consultants Jones Lang LaSalle India announced today that the Firm has appointed veteran CRE specialist Nitish Bhasin as Managing Director – Markets.
Prior to this appointment, Nitish Bhasin had consistently delivered a sterling performance as Managing Director for Jones Lang LaSalle India’s Delhi NCR operations. He brings to the table an impeccable track record and tremendous experience in office leasing and innovative deal structuring and is an expert in renegotiations, sale/purchase, sub-leasing, sale and lease-back transactions.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, said, “Nitish Bhasin is fully equipped to strategize and execute end-to-end real estate solutions for our corporate real estate clients. His appointment in the key role of Managing Director – Markets is an important move by the Firm to drive best practices, further strengthen service efficiency and reinforce our commitment to our clients. Nitish is fully wired into the commercial real estate markets in Delhi NCR, Bangalore, Hyderabad, Mumbai and beyond, and will play a pivotal role capturing the wealth of CRE business that once again defines these markets.”
“I agree that this appointment comes at an opportune time for all concerned – most significantly for our clients,” states Nitish Bhasin. “The commercial real estate market is currently at an important inflection point, and replete with opportunities. Capital valuations in Bangalore and many sub-markets of Mumbai and NCR are going to rise over the next six months. Investment sentiments are improving visibly in markets like NCR and Mumbai, with most of the capital targeting prime office real estate. We will leverage the opportunities inherent in these market dynamics on behalf of our domestic and international clients.”
Nitish further explains that rental values are set to pick up in Hyderabad, Pune and select sub-markets of NCR and Mumbai.
“This is consistent with the latest average vacancy levels in these markets vis-à-vis the national average and other markets in India,” he says. “Across cities, there is a visible trend of commercial developers responding to demand contraction through supply correction, thereby reducing the historic supply overhang. These are indeed exciting times for commercial real estate in India, and I look forward to the challenge of translating the adrenaline into real-time opportunities.”
As Managing Director of Jones Lang LaSalle’s India Markets business, Nitish Bhasin will focus on optimizing the real estate portfolios of the Firm’s clients and growing its market share across the various regions in India. His expertise in scouting out latent transaction opportunities and innovative deal structuring, and his strong relationships with both the occupier and the developer communities across India will be invaluable in terms of the Firm’s constant drive to maintain and build upon its leadership position in the market.