THE huge potential of India's property market has lured Richard Ellis to set up operations in the country to serve growing demand in real estate services.
Richard Ellis' office in New Delhi will open to business next month, making it the first international property agency to land in the undeveloped market.
Dinesh Chandiok, head of Richard Ellis' Indian operation, said the country's real estate market was growing rapidly.
He said property prices in Bombay, where many multi-national companies had their headquarters, were comparable to those in Hong Kong, while prices in New Delhi were about half of Bombay's.
Office rental in New Delhi was quoted at a nominal rate of US$3 to $5 per square foot a month, and property investment yield was high compared with other countries, he said.
But he added it was difficult to give an accurate estimate of property values because of the lack of sufficient information about the emerging market.
Mr Chandiok said Richard Ellis would provide a comprehensive range of real estate services to support the setting up of foreign companies and their expansion of operations in India.
