With the real estate market expanding fast, advisors feels that facilities management services (FMS) business in the segment will develop at a yearly rate of over 25 per cent within the ensuing 3-5 years.
With the real estate sector experiencing a restoration and prominence on urban growth and transformation of office areas developing, the facility management business in this space is set for speedy progress. The FM industry is likely to develop at 25 per cent CAGR over the following 3-5 years.
Facilities management states the maintenance and upkeep of saleable or official buildings such as hotels, resorts, schools, hospitals or office complexes. The facilities include care of electric fittings such as air conditioners and lighting systems, plumbing, cleaning, housekeeping and security.
The FM business in India is about Rs 10,000 crore and the other key drivers of development of this trade comprise nine per cent GDP growth, growth in companies such as retail, banking, financial services, telecom, insurance, IT and ITES, which are gripping big spaces.
As these firms mature, their requirements for risk administration, commercial continuity strategies, need to emphasise on their principal trade, demands for healthier offices by staffs, need for advanced output of employees, challenges of handling larger and more intricate sites and great growths as also the requirement for higher constitutional agreements will drive the dedicated and professional FM business.