Jones Lang LaSalle Shortens Name to ‘JLL’ and Unveils New Logo

Einfaches RGBModernized name suits global language and digital applications

Underscoring its global operation, scale and vision for the future, Jones Lang LaSalle (NYSE: JLL), the professional services and investment management firm specializing in real estate, has announced that it is now using the name “JLL” and introducing a refreshed logo.

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The shorter name and new logo are:

  • Easily recognized and visible in countries around the world
  • Memorable and easily pronounced in languages worldwide
  • Suitable for digital applications and mobile channels

Shortening its name to JLL is a natural evolution of the firm’s historically rich brand, recognizing that it is a truly global company located in multiple markets, with a wide range of expertise applied through many different client services. It also represents its adaptation to different communication styles in different countries, languages and channels, and especially the use of digital and online.

Charles Doyle, Chief Marketing and Communications Officer at JLL said: “Although we are adapting our name, our cultural foundation of collaboration, integrity and delivering real value to our clients, people and investors remains constant and unchanging. JLL is easily pronounced, remembered, visible and representative of our firm wherever we serve our clients around the world.”

Doyle continued: “The JLL ‘Worldmark’ logo symbolises all of this: a global company with local roots, built from multiple types of expertise, working in collaboration with clients wherever they need our services.”

The JLL name and new logo will be rolled out globally over the next two years. The firm’s legal name, Jones Lang LaSalle Incorporated, and the name of its wholly owned subsidiary, LaSalle Investment Management, will remain unchanged.

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Maharashtra Housing Regulation Act – Scope & Potential

anuj-puri-quoteAnuj Puri, Chairman & Country Head, Jones Lang LaSalle India

The introduction of the Maharashtra Housing (Regulation and Promotion of Construction, Sale, Management and Transfer) Act can potentially have a very positive impact. It is certainly a concept whose time has come.

The biggest advantage that it offers to buyers as industry stakeholders is that there will be an arbitrating body available to attend to their grievances and redressals. There has to be accountability at all levels of the approval process, and it needs to include all stakeholders involved with real estate – including the architect, the contractor and the developer. The housing regulator can potentially benefit buyers as well as all other stakeholders.

As of today, the real estate industry faces issues in terms of insufficient transparency over cost and time-frames and also lacks sufficient depth when it comes to credible developers. Hopefully, the State-level housing regulator will implement systems which will mitigate risks and increase accountability. It can potentially boost transparency by standardizing practices, streamlining procedure systems and attending to consumer grievances in a decisive and timely manner.

The Act can therefore help in bringing about a greater level of trust between buyers, sellers, developers and financial institutions that fund the real estate sector. It can also help curb speculative activity in the sector and contribute towards keeping prices in check.

If the correct processes are followed as outlined, developers will benefit as much as buyers. As things stand today, developers have to go through very tedious, time-consuming and indefinite approval procedures. While it is not certain whether the Act will provide single-window clearance of projects, it would be ideal if such a system were also introduced.

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Telangana Bill: The Real Estate Impact

Sandip PatnaikSandip Patnaik, Managing Director – Hyderabad, Jones Lang LaSalle India

The Telangana Bill passed by Lok Sabha is being viewed by mixed feelings by various stakeholders, but it is still too early to gauge its impacts on the real estate industry. That said, it is likely to end the political uncertainty that Hyderabad has been facing for the past few years. The outcomes are still unclear, but Brand Hyderabad is not likely to be overly affected as it is planned to serve as a joint capital for ten years.

Hyderabad has state-of-the-art infrastructure and is the most developed city in the state; therefore, it will continue to retain its relevance and pre-eminence going forward. Over the next six to nine months, the overall business sentiments in the city are likely to remain stable. Investors may find this period favourable, as property valuations are low and there is still potential to capitalize on this.

Similarly, this period will offer the best deals for genuine home buyers, as home prices will remain stable for at least the next six to nine months. As a result, residential sales are going to rise in the city. Office space occupiers are expected regain their confidence for business continuity in Hyderabad – a factor that was being negatively affected by the previous agitations. Leasing activity will improve now, and new occupiers will be attracted to the city.

Overall, Hyderabad City has immense growth potential and will definitely get back into growth trajectory once things stabilize.

Meanwhile, the formation of the new capital for the Andhra Pradesh (Seemandhra region) is waiting in the wings. This is likely to bring in new real estate opportunities in terms of the development of the new capital, which will witness immense infrastructural and real estate growth. However, these developments will depend largely on the support of policies and the leadership that will implement them.

Other key cites of Andhra Pradesh – Vijayawada, Visakhapatnam, Guntur, Nellore, Ongole and Tirupathi – are also likely to witness increases in property prices going forward. As these cities are in the running for the new capital, they may witness increased speculation.

 

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Indian Real Estate: Reaction To The Interim Budget 2014

anuj-puri-quoteAnuj Puri, Chairman & Country Head, Jones Lang LaSalle India

The issues pertaining to real estate are deeper and more inherent than those pertaining to consumer durables or the automobile industry. Resolving these issues involves fiscal adjustments to key real estate-linked policies and may even require constitutional amendments. It was therefore self-evident that the current VOA budget would not hold anything of real consequence in store for the real estate sector.

That said, the support extended to the residential sector in the affordable segment is positive, and will hopefully help revive construction activity beyond the leading 3-4 metropolitan cities.

With elections in sight, affordable housing will definitely continue to be an area of focus. We expect more developers to enter into the budget homes segment in order to take advantage of tax incentives, and also the greater demand-supply mismatch there.

However, the key to success of such schemes remains the timely and transparent implementation of the announced scheme. It could come under the ambit of the central government umbrella schemes such as JNNURM and RAY through incentive-linked targets allocated to each state or urban municipality. These umbrella schemes have great power in terms of influencing action by states.

In terms of interest rates, the finance minister has given a cursory nod to the present level of inflation, making a case for a cut in interest rates to revive growth across the interest-rate sensitive sectors.

However, this is in conflict with the communications we have been receiving from the monetary authorities over the past few weeks. The market is expecting the next policy meeting in April to be a non-event.

We were expecting the government to give some road-map on the enactment of GST, which did not happen. This is disappointing. Meanwhile, the Land Acquisition Bill continues to remain a cause of concern for the real estate community because of issues such as inflated land cost and the complexity involved in resettlement of original inhabitants.

These issues, which came to light in the version that was released in late 2013, still need to be addressed. The sector was hoping that the government would provide some respite from the stringent measures of adoption.

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JLL: Expectations From Vote On Account Budget 2014

anuj-puri-quoteAnuj Puri, Chairman & Country Head, Jones Lang LaSalle India

Since the budget on Monday is an interim and not a full-fledged one, it is unlikely that there will be any new policy announcements. Nevertheless, the questions that the Indian real estate sector asks the government at this time are:

  • What is the status of the real estate regulatory bill? When will it be activated, and has the feedback that various industry stakeholders have given on it been considered and factored in?
  • Will REITs be given a chance to debut in India in 2014?
  • Will the tremendous financial pressure that real estate developers are under be eased in some manner?

The last question is probably the most significant, and at least partially derives from the preceding two. If the regulatory bill is being flagged for take-off but there is no likelihood of REITs commencing in the near term, the funding issues that developers are facing will increase.

The real estate sector’s most pressing requirement from the government at this critical time is to provide some kind of tangible support to off-set the impact of various regulations that further impeded its growth during the preceding year.

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