JLLM, Jones Lang LaSalle Meghraj, a property consultant firm’s  Country Head and Managing Director Anuj Puri said that developers experience difficulties in having a pan-Indian presence due to the different procedure and different laws in every state for acquiring land, property taxation and approvals for projects.

Since there is a need of understanding local dynamics for developing realty projects, many developers take property sector as a regional business.

The problem for developers of having a pan-India presence cannot be helped until there is in land acquisition process and regulatory approvals are the belief of many consultants and developers.

“We look forward to a successful launch once we receive the remaining regulatory approvals, which should take place sometime in 2009,” Rajeev Talwar, group executive director of DLF, said in a joint statement with Christopher Cooper, chairman of PFI’s international investments unit on Tuesday.

The fund venture, DLF Pramerica Asset Managers Pvt Ltd, is headed by Vijay Mantri, who joined in April from the Indian fund unit of Deutsche Bank.

DLF Pramerica joins more than 20 firms looking to break into the Indian fund industry, which saw its assets grow more than four-fold to Rs 5.5 trillion in five year ending 2007.

Assets have shrunk 28% to Rs 3.9 trillion this year due to a stunning 51.5% slump in India’s benchmark index and outflows from fixed income fund