New Delhi: With India’s real estate sector growing fast, property consultant Trammell Crow Meghraj (TCM), which claims a 15% share in the domestic market, has initiated talks with two global players for a possible merger to expand its presence.
US-based Jones Lang LaSalle and a UK-based real estate adviser, believed to be Savills, are the two entities with which TCM is in touch for a merger or alternatively, a partnership in India, according to industry sources.
A top official of TCM claimed that they were also talking to the world’s largest commercial real estate services firm CB Richard Ellis (CBRE), but CBRE officials declined to comment.
Industry sources, however, said that CBRE is not interested in buying out TCM or having a partnership. TCM, which has 10 offices in India having a strength of 1,300 employees, offers services like property consultancy, brokerage, project management and facility management.
The consultancy firm has given terms and conditions to these companies for the possible merger, the TCM official said, adding that some breakthrough could happen in the next 3-4 weeks. “We want to be the biggest, strongest and best property consultant in India,” the official said.
TCM, though strong in brokerage transactions is weak in international mandate, he said, adding that it needed international clients and also a global technical platform.