Function(s) : Development Management

Functional Title : Analyst, Development Management

Reporting To : Vice President, Development Management

Start Date : ASAP; applications will be accepted up to 21.05.21 and must include a cover letter

Location : Delhi (with occasional travel to Singapore)

Remuneration : Highly competitive

About VR South Asia (VRSA) :

VRSA is the largest, institutionally backed, integrated urban development platform, building, acquiring, and managing community-oriented lifestyle city-centers across India. VRSA is aggressively expanding its pan-India portfolio which currently includes flagship centers VR Chennai, VR Bengaluru, VR Punjab, VR Surat, VR Nagpur and VR Ambarsar. New centers currently under development include, flagship gateway projects in New Delhi and the Mumbai Metropolitan Region, and an about-to-open second regional center in west Bengaluru.

In the 7 years since opening its first center in Surat, VRSA has redefined the spatial experience for consumers across India by curating innovative, sustainable, community-centric centers, that deliver experiences that seamlessly combine retail, food, leisure, new age work and living, hospitality, events and entertainment. These award-winning city centers are owned, designed and developed by Singapore based VRSA, and operated by India based Virtuous Retail Property Services LLP, as socio-economic hubs that are - Connecting Communities.

Each flagship centre is designed and programmed to act as an economic multiplier for the local urban community, creating and supporting thousands of jobs and adding significantly to the revenue base of local governments. Each center's mission includes creation of community cohesion and pride by promoting and celebrating local culture and heritage, and enhancing the overall brand image of the city it represents.

About the Opportunity :

Besides an attractive remuneration package, working for VRSA gives you the opportunity to join a high-growth retail real estate platform that is leading the transformation of retail spaces in India. In this role, you will be working directly with the company's senior management, and will get to immediately create a meaningful impact on a 1.0mm sqft. branded development that has the potential to completely reimagine retail, entertainment, F&B, rental living and other lifestyle offerings in Delhi. 

Because the project is in its initial phase of development, you will experience first-hand what it takes to launch a US$200mm-plus (INR ~1,500 crore) landmark city-centric project, notably in a fast-growing market like India. The team is fast paced, hard-working, and results-oriented, and we are committed to providing you the opportunity to move ahead more rapidly than is possible at most other places in this industry.

Core Responsibilities :

The Development Management Analyst will contribute to the company's rapid pan-India expansion strategy through ground-up development and acquisitions, while executing on a bold vision of delivering community-centric lifestyle destinations that will redefine Indian retail. He / she will :

- Support the Development Manager in the successful delivery of one or more real estate projects across the development lifecycle

- Assume responsibility for all real estate and related-industry market research, including primary and secondary data collection for the retail, office, hospitality and F&B sectors, creation and maintenance of a research database and presentation of information to management

- Coordinate and review catchment market research undertaken by third-party vendors.

- Monitor, record and update management on all relevant market activity, including public policy, competitor developments, infrastructural improvements etc.

- Assist in updating the underwriting model, adjusting for changes in the cost and revenue side of the project throughout the development life-cycle and reporting impact on projected investment returns

- With the direction of the Development Manager, prepare project feasibility studies for various development components and options, including preliminary capital cost budget, highest and best use studies, pro-forma operating statements, valuation studies etc.

- Coordinate and collaborate across internal functional groups and external consultants in carrying out their project responsibilities, facilitating necessary calls / meetings

- Coordinate the implementation of process improvement initiatives

- Monitor and report on the development's execution through to completion, including construction progress, sales and marketing, soft launch etc.

- Produce the regular Development Management report, assembling inputs from the wider project team into a comprehensive reporting package for presentation to management and other senior stakeholders

- Help facilitate the monthly Development Management Meetings, including the recording of minutes and follow-up on action points

Qualifications / Experience Required :

- Bachelor's or Master's degree in real estate, urban planning or economics (or a similar relevant qualification)

- 2- 4 years' relevant experience, ideally with prior experience in a real estate investment and / or development role in India; candidates from consulting / banking backgrounds are also welcome to apply

- International exposure either through education or work experience preferable

- Experience working with junior- and senior-level stakeholders, and collaborating across functions

- Strong written and verbal communication, negotiation, and presentation skills

- Strong financial modelling, quantitative skills and understanding of investment / valuation principles

- Expert knowledge of MS Office applications (Word, Excel, PowerPoint)

- Experience working with large data sets and data visualization tools (e.g. Tableau, Power BI etc.)

- Basic knowledge of India's real estate industry from a strategic business development perspective

- Basic understanding of real estate principles

Preferred Qualities :

- Excellent time management and organizational skills

- Capable of performing well under pressure and meeting deadlines

- Ability to act and operate independently with minimal daily direction

- Ability to relate well to others, build effective relationships across functions and levels

- Ability to take ownership of complex situations involving limited information or uncertain outcomes

- Demonstrated interest in developing a career in the real estate industry

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