Pioneer Property Zone was set up in late 2004 by ICS Realty (A 100% owned subsidiary of ICS Group) and Old Mutual Property (A 100% owned subsidiary of the London Listed insurance firm Old Mutual Plc). While looking at potential investment opportunities in the India retail real estate space, ICS and OMP, identified gaps in skill sets to actually develop shopping centres. This was purely due to the nascent stages of organized retail within the Indian market. The other gap that existed was the actual management of the shopping centers once developed. While the Indian market had a number of real estate consulting businesses most were transaction oriented with just a few players in the management space. Identifying this gap, ICS and GMP, set up PPZ with a view to develop capabilities to service international/domestic investors/developers who wish to develop retail shopping centres in India but need that special guidance.

During its initial years PPZ's key focus was capacity enhancement and transfer of skills utilizing OMP's over 50 years of experience in developing and managing shopping centres. Today PPZ has a strong presence in India and is involved in projects totalling over 15 million sq. ft. PPZ currently has a strong and highly skilled team comprising of over 100.