Property management services in India are at a nascent stage, but growing
AS THE DEMAND FOR MODERN OFFICE SPACES IN INDIA HAS RISEN, THE QUALITY OF SUCH ENVIRONMENTS HAS METAMORPHOSED TOO
Property management services are an integral part of the commercial real estate business and play a critical role in enhancing the overall efficiency of any standard business establishment. During the years of its rapid economic growth, commercial realty in India reached global standards of construction and delivery. Over the last decade or so, an integrated approach to managing spaces and facilities has begun to gain significance with the emergence of this global commercial landscape.
As the demand for modern office spaces in India has risen, the quality of such environments has metamorphosed too. The ambience of Grade-A office buildings today closely resembles that of star hospitality properties. The look and feel of top commercial buildings has attained prime importance in present-day India, and many such buildings have been refurbished and upgraded to meet these criteria.
Property management services in India are still at a nascent stage in comparison to more developed economies, where such services have been outsourced for several decades now. Currently this segment of the organised realty market in India primarily refers to soft services—such as housekeeping, cleaning, safety, and security, building and ground maintenance, catering and vending, operation and maintenance, landscaping and gardening.
Modern commercial buildings utilize cutting-edge technology for both construction and building operations. Buildings today are also able to control environments, including precision air conditioners that control temperature as well as humidity levels. Water supply is no longer via overhead tanks but through a network of pipes and pumps from the basement, ensuring controlled water pressure.
Buildings have an elaborate fire protection system too, with detectors to sound an alarm the moment smoke is detected. Each building today has a mandatory sprinkler and hydrant system that automatically function in case of fire, supplying a continuous pressurized water supply. Such systems are controlled by an elaborate building management system which hooks up to every utility, allowing building operators to not only monitor critical parameters but also the time to control such operations.
With so much technology, high-end installations and utilities being fitted into commercial buildings today, they can hardly be left unmonitored. And this is where the importance of property management services comes in which is serviced by realty firms in India.
A critical aspect of this demand for a sharp look and feel to an office environment is the housekeeping services, which has evolved to a science with the separate care and upkeep of different surfaces with a range of cleaning equipment.
Work spaces today incorporate small cafes, on-the-go eateries, green walls, landscaped spaces, and lounge environments— all to ensure that the occupant enjoys the maximum comfort for highest productivity at work.
Creating this complex work environment has evolved over time and now involves a focused team for construction and a separate one for commissioning the building. Outsourcing these labour-intensive services in commercial establishments has become imperative to save time and energy and also because landlords want to rationalize costs without compromising on the quality of services and infrastructure amenities.
In multi-tenanted buildings, the cost of maintaining a property is divided among individual tenants. This is also known as Common Area Maintenance (CAM). The developer charges these expenses to each occupant on square feet basis of the area occupied.
The transition phase between construction and operation is very critical in this field. It is recommended that a developer brings a Property Management Agency (PMA) during the last phases of project development. It is desirable that the PMA begins to take over the property three to six months prior to the completion of a project.
The PMA helps in delivering a spectrum of services and as part of the transition process has been working closely to formalise policies and processes for visitor movement, disaster management and other standard operating procedures for equipments.
Although property management is yet to face its own challenges in India, the advent of organised retail and the creation of modern real estate spaces for commercial and residential purposes have been fuelling the demand for property management services in a big way.