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Property Management in New Delhi-India - Coursework Example

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The reporter states that property management pertains to control of operations and maintenance of real estate. Strategies employed by property managers include; adding on value to buildings, provision of comprehensive services and extension of services to corporate sectors (Deakin, 2009)…
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Property Management in New Delhi-India
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Property Management Article
Property management pertain control of operations and maintenance of real estate. Strategies employed by property managers include; adding on value to buildings, provision of comprehensive services and extension of services to corporate sectors (Deakin, 2009). Kyle, Baird and Spodek (2004) note that property management in India and the world as a whole is a growing business. Many firms are trying to check on their competence in it. This is by expanding their services to other cities due to the rising demand. At the present, there is minimal competition which in the same years, is expected to increase gradually.
According to the economic times report, DFL- a real estate developer in New Delhi-India, is planning to outsource property management to third parties. It is close to coming into agreement and signing a contract with some companies to manage its commercial and retail spaces. The DFL enjoys ownership of huge commercial and retail space in the Indian capital and outside. From these properties, they earn good revenue that enables them to run its activities. Despite the huge revenues, they have accrued a debt which they have been trying to reduce by selling non-core assets (Sharma, 2013).
Transfer of property management to third parties has several advantages accrued. It will facilitate the addition of value to the existing property, which can be achieved through proper maintenance of the buildings. This will in turn save the reputation of the property developer which is at risk (Sharma, 2013).
Leasing, remittance or statutory dues and other related areas facilitate services for the property management. This will help real estate investors manage their assets without overdependence from family and/or friends. The transfer has also encouraged small parties and companies to capitalise on the opportunity to invest in specific asset category, hence thereof, earning periodical income. Above all, it will help salvage the debt shadow that they are currently being covered in (Sharma, 2013).
On the coins other side, acts such as leasing or resale of buildings would sound costly to the real estate provider. For instance, an old building sold will not have the same income as when the building would have been renovated and rented to a tenant. Also leasing an apartment may end up in the hands of the wrong company. Such companies would provide fewer quality services as expected, which will in turn tarnish the name of the real owner. In addition, leasing or selling a property will in the long run result in a reduction of the company's revenues. This is because the company will loose the direct revenues they used to obtain from the asset (Hoboken, Wiley, 2011).
The journal should address projects that improve management awareness and knowledge. It should also address on the issue of business partners the essence of supporting one another to share practical best practice approaches to public education awareness (Deakin, 2009).
References
Deakin, M. (2009). Property Management: Corporate Strategies, Financial Instruments and the Urban Environment. London: Ashgate Publishing Ltd.
Hoboken, J. N. and Wiley, J. (2011). Property Management Kit For Dummies. New York: Wiley publishers
Kyle, C.R., Baird, M. F. and Spodek, S. M. (2010). Property Management. Texas: Dearborn Real Estate Education Publishers.
Sharma, R. T. (2013). DLF to Outsource Property Management to third Parties. Retrieved February 18, 2013 from http://articles.economictimes.indiatimes.com/keyword/property-management Read More
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