New Delhi: DLF, the largest real estate company of India will outsource the property management of all its properties to third party management firms. Interested third party management firms are Cushman & Wakefield (C&W) and Jones Lang LaSalle (JLL), who will manage DLF’s commercial and retail spaces.DLF has 23.7 million sq ft of areas under commercial and retail sector in the National Capital region and outside. The residential space of 7 million sq ft including Icon and Pinnacle buildings in Gurgaon will also be outsourced to third party. Knight Frank along with C &W and JLL will also manage residential property of DLF under contract.The contract points out that Cushman & Wakefield will look over the assets in Chennai and Hyderabad, on the other hand Kolkata and Chandigarh assets will be managed by Jones Lang LaSalle. Gurgaon will be managed by both companies, which will be divided equally between them. DLF Promenade, Emporio and DLF Place these three retail assets will go to Cushman & Wakefield.Cushman & Wakefield and JLL groups have dedicated divisions that manage property for several developers. The main aim of DLF in outsourcing property management is to focus on core real estate development. In India property management business is worth Rs 1000-crore.The commercial, retail and residential assets provide around Rs 2000 crore every year, which pays around 50% of the interest of the company’s debt. DLF has more than Rs 21,000 crore’s debt on its head. DLF is trying to reduce this debt from the past year. They have sold NTC mill land in Mumbai to Lodha Group for Rs 2,727 crore for the same reason.Property management includes operation and maintenance of building, Engineering services, Energy management and also includes services like landscaping, reception etc. DLF will manage the fire service for these building on its own, as it has spent lot of amount on the set up of private fire station. Although it has outsourced the management, it will continue to assist clients in its office building.