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Property consultant Anarock is targeting 37 per cent growth in revenue this fiscal to Rs 550 crore driven by rise in housing sales and income from other advisory services, its Chairman Anuj Puri said.
Mumbai-based Anarock, one of the leading housing brokerage firm, had achieved a 32 per cent growth in its revenue at Rs 402 crore during the last fiscal year on account of sharp recovery in housing demand post second wave of the Covid pandemic.
Anarock was established by Anuj Puri in April 2017. Before setting up his own firm, Puri had served as chairman and country head at a global property consultancy firm for 10 years.
"We have set a revenue target of Rs 500-550 crore this fiscal year and we are on track. Our team is working hard to achieve it," Puri told PTI when asked about the turnover guidance for the 2022-23 financial year.
Puri noted that housing market has further consolidated its growth and sales have risen sharply so far this year despite rise in property prices and increase in interest rates on home loans.
Large developers and reputed brands have performed exceedingly well because of customers trust, he said.
Indian real estate over the last two years has been witnessing a huge consolidation of demand towards those developers who have impeccable track record of execution of projects.
Since May, the RBI has increased repo rate by 190 basis points to contain inflation. Banks have already passed on the increase to consumers, resulting in mortgage rates crossing 8 per cent mark and inching towards 9 per cent. Housing prices, too, have increased by around 10 per cent in the last one year because of rise in cost of key construction materials.
Nevertheless, Anarock data suggested that housing sales across seven cities between January-September period surged 87 per cent to 2,72,709 units and had breached the transactions clocked in entire 2019 -- the pre-COVID year.
During the last fiscal, Anarock group, including its arm Trespect and affordable housing division, facilitated sale of 18,800 units worth Rs 19,260 crore on behalf of real estate developers.
Out of the total Rs 402 crore revenue posted in the last fiscal, housing brokerage services contributed around Rs 300 crore. The company had earned revenue by facilitating leasing and outright sale/purchase transactions in office, retail, warehousing and data centre segments. It had also facilitated various land deals.
The company's capital market division had also performed well and helped real estate companies in raising funds.
Anarock, which has its presence across India and the Middle East, uses its proprietary technology platform to accelerate marketing and sales.
Its services include residential broking; retail (in partnership with Vindico); commercial; hospitality (via HVS Anarock); land services; industrial and logistics (in partnership with Binswanger); investment management; research; strategic advisory & valuations; project management services (in partnership with Mace); and society management services (through ApnaComplex).
In April this year, Anarock acquired flexible workspace platform myHQ.
Anarock has a team of around 1,800 real estate professionals having presence across all major Indian cities like Mumbai, Pune, Ahmedabad, Delhi-NCR, Chennai, Bengaluru, Hyderabad, Kolkata and Lucknow.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, October 05 2022. 22:23 IST