New Delhi, March 10: Global real estate consultant C. B. Richard Ellis will soon take over the Indian arm of rival Insignia Finance International, Insignia Brookes.

The proposed merger of local operations is part of C. B. Richard Ellis’ (CBRE) the global takeover of Insignia Finance International at a cost of over $ 415 million.

“The merger of the Indian operations will be completed by June ... by then everything will be in place,” a company official told The Telegraph.

“But, then the merger is subject to some statutory approvals,” he added.

The managing director of Insignia Brookes, Arun Goyal, said the firm is yet to receive any communication from parent Insignia Finance.

“We are waiting to hear from our global headquarters,” Goyal said when asked to comment on the merger of Insignia’s local operations with CBRE.

The combined operation will make CBRE the country’s largest real estate consultant followed by Cushman & Wakefield, Collier Jardine and Jones Lang Lasalle. CBRE’s local unit has a revenue of around Rs 150 crore almost double that of Insignia Brookes.

The country’s real estate is highly fragmented with small local players dominating brokerage services. Analysts said the country’s real estate market suffers from a lack of clear definition and structure.