Business

Anarock sells flats worth Rs 22000 crore since April 2017; to be profitable in FY19 with Rs 200 crore revenue

Updated : February 27, 2019 03:47 PM IST

Homegrown property brokerage firm Anarock has sold around 24,000 housing units worth Rs 22,000 crore since its inception in April 2017 despite a slowdown in the real estate market, a top company official said. The company achieved a turnover of around Rs 90 crore last fiscal and is likely to more than double its revenue and be profitable in the current 2018-19 fiscal, Anarock founder and Chairman Anuj Puri said.

He formed Anarock in April 2017 after quitting global property consultant JLL India. Puri, who served JLL India as chairman and country head for 10 years, bought the residential brokerage arm of JLL to set up his own venture.

"Our performance has been very good since we started our operation in April 2017 despite overall slowdown in housing market," Puri told PTI.

Anarock sold 13,000 flats worth Rs 12,000 crore during the 2017-18 fiscal year and has achieved sales bookings of 11,000 units worth Rs 10,000 crore till January in the current fiscal.

"We have partnered with over 150 top developers across 13 Indian cities and in the Gulf for exclusive mandate of their projects. Since our launch in 2017, we have sold housing units worth Rs 22,000 crore across 300 residential projects," Puri said, adding that the company earns a brokerage of 1.5-2.5 per cent on sales value.

Asked about high average sales value of units sold by it, Puri said the maximum sales have been achieved in Mumbai Metropolitan Market, followed by Bengaluru and Gurugram where ticket prices are more than Rs 1 crore.

Anarock is currently selling 1,000 apartments a month with the help of 1,500 sales employees across major cities.

The consultant said it has invested heavily in creating technology platforms.

"This success rate, unprecedented in the currently subdued residential real estate market, is the result of our proprietary technology coupled with immediate expert offline support," Puri said.

Anarock received a marketing budget support of about Rs 400 crore from real estate developers for selling these inventories.

At present, Puri said the company has an exclusive mandate of 100 projects comprising 10,000 units with a market value of Rs 9000 crore. These units will be sold over the next few months.

Besides housing brokerage, Anarock has started other consultancy services in retail, hospitality, land services, capital markets, warehousing and logistics, investment management, research and strategic consulting.

It competes with the likes of News Corp-backed PropTiger.com, Quikr Realty, Square Yards, 360 Realtors, Investors Clinic and Wealth Clinic apart from small and unorganised brokers.