London-based real estate services firm Savills has entered the Chennai market and will be focusing on project management, commercial leasing, occupier services, capital markets brokerage and valuation services. In 2018, the firm opened offices in Delhi, Mumbai and Bengaluru.
“The Chennai office will focus on commercial and industrial activities. We will also look at project management and valuation,” said Christian Mancini, Chief Executive Officer of Savills Asia Pacific (excluding Greater China).
“We know that we are relatively a late entrant in the market, which is both an advantage and disadvantage. We understand that there are firms which a track record and brand familiarity, which we don’t have,” he said. Further, he added: “Rather than revenue targets, I’m interested to see how business unfolds here like the way it unfolded in other markets.”
Anurag Mathur, CEO of Savills India, said that Chennai would be a priority market for the company.
Apart from Chennai, Savills will be setting up two more offices in India by the end of 2019. In the next five years, the firm intends to scale up its team and employ over 500 people.
In India, other players in this space include Jones Lang LaSalle (JLL) , Cushman Wakefield, Knight Frank and CBRE South Asia.
Listed on the London Stock Exchange, Savills PLC has over 600 offices and associates and over 35,000 staff throughout the Americas, the U.K., Continental Europe, Asia Pacific, Africa and the Middle East.