Anarock FY24 revenue surges 36% to Rs 566 crore on higher earnings

Real estate consultant Anarock Group has posted a 36 per cent increase in its revenue to Rs 566 crore in the last fiscal, helped by better earnings from housing brokerage and other services.

During 2022-23, the company posted a revenue of Rs 416 crore.

Homegrown Anarock was established by Anuj Puri in April 2017 after serving as country head for 10 years in an international property consultancy firm.

In an interview with PTI, Anarock Chairman Puri said, "Real estate markets, particularly residential, across cities, are doing well with sales and launches at a 15-year high."

Inherently, he said, this is being driven by a younger working population wanting to buy their first home rather than rent it.

"...we are benefiting from this phenomenal growth in housing sales, having established our tech and digital platform," Puri said.

All major business verticals contributed to the revenue growth last fiscal, he said.

These include housing brokerage, retail, land, capital markets, strategic consulting, hospitality wing HVS-Anarock, and society management brand ANACITY.

The chairman said the company would continue to invest for higher growth through organic and inorganic routes, having raised private equity to consolidate players in a similar domain as Anarock.

To sustain growth, Anarock said it would significantly increase its headcount in FY 2024-25, especially in the recently launched office leasing in advisory services.

Anarock Group currently has more than 2,200 employees operating across key tier 1 and 2 markets in India and the Middle East.

"FY24 has been a phenomenal year for the Indian residential segment, with record sales and new launches across the top 7 cities," Santhosh Kumar, Vice Chairman Anarock, said.

He said the company has exceeded its revenue target by 6 per cent "but see that merely as an apt launch-pad for bigger and better things."

The company is confident of almost tripling its current revenue to Rs 1,500 crore by 2026-27, he added.

"We will penetrate more key markets this year with a vastly amplified services bouquet," Kumar said while outlining future plans.

"The Indian economy continues to exhibit strength and will certainly support our targeted growth. However, we bank even more strongly on our constantly improving technology suite and, of course, the best real estate teams in the business," Kumar said.

The company recently raised Rs 200 crore funds from 360 One Asset Management Ltd for deployment into its overall business growth and industry-defining proptech platform.

Over the last six years, Anarock has expanded from being a residential-focused organisation to complementary segments, including retail, office, hospitality, logistics, data centres, industrial and land.

It also provides strategic advisory, investment banking, research & valuation services, besides offering app-based flexible workspaces and society management platform.