Mumbai, June 26: Anuj Puri, former chairman and country head of international property consultancy JLL India, today launched Anarock Property Consultants, thus rebranding JLL's erstwhile residential brokerage business which he acquired earlier this year.
The firm's real estate investment and fund platform is now planning to invest Rs 300 crore in residential projects.
"Our unique, multi-pronged approach will significantly differentiate Anarock from all other players within the Indian residential property market," Puri, who is the chairman of the firm, said. "Its residential brokerage model fully enables supply, demand and discovery through a digital platform, with transactions facilitated offline via highly-trained real estate experts."
"Anarock is the group brand, which will house multiple real estate services verticals. We will provide our regular residential advisory services and operate a business model of bulk-purchasing residential apartment inventory through a proprietary investment fund," CEO Ashwinder Raj Singh said.
The firm, which will also provide debt, equity and mezzanine funding to residential developers, is currently enhancing its team of residential brokers to a pan-India headcount of 700 by year- end.
Anarock's investment and fund platform, which is targeting a capitalisation of $500 million by 2020, has two funds.
A press statement issued today said the first fund, with its recent investments, stands fully deployed at Rs 161 crore. The second fund, for which Rs 300 crore was raised in 2016, will invest in residential assets from an existing pipeline and its deployment will commence as soon as it completes the last leg of regulatory requirements.
"The fund's key focus areas will be underwriting and asset management, since in the current market dynamics and with the introduction of Real Estate Regulation and Development Act (RERA) and implementation of GST, delta returns and successful exits can only be achieved through constant monitoring and robust in-house asset management," Puri added.
