Anarock eyes 50% revenue growth in FY22 to about Rs 450 crore
Property consultant Anarock aims up to 50 per cent growth in its turnover to around Rs 450 crore this fiscal year on the back of recovery in housing demand after the second wave of the COVID pandemic.
Mumbai-based Anarock, which is one of the leading housing brokerage firms in the country, had clocked an 18 per cent growth in its revenue at around Rs 305 crore during the 2020-21 financial year despite the pandemic.
In an interview with PTI, Anarock Chairman Anuj Puri said, “Housing demand bounced back strongly both after the first and second wave of the COVID. The recovery happened much faster than our expectations.”
Asked about the company’s revenue outlook in FY22, Puri said the company is expecting strong growth in turnover on improved housing sales driven by pent up demand and low interest rate on home loans.
“We are targeting to achieve a revenue of around Rs 400-450 crore from our housing brokerage business and other consultancy services in offices, capital market, hotel, malls and project management among others,” he said.
Puri said a significant revenue will also come from its joint venture firm with UK-based Mace.
The JV, formed in July 2020, provides project management services to Indian real estate developers and infrastructure firms.
On the market, Puri said the size of the residential real estate market has shrunk from the pre-COVID level but developers with good execution track record have performed well and their sales bookings numbers have grown.
He expects a strong housing demand during the upcoming festive season as it was seen during the last year.
“People are looking to upgrade their homes to meet the requirement of additional space. The demand for second home at hills and other tourist destinations have also increased,” Puri said.
Quoting its recent survey with CII, Puri said nearly 80 per cent respondents prefer to buy ready-to-move-in and nearing completion (maximum one year) units.
During the 2020-21 financial year, Anarock had sold 14,700 units worth Rs 16,240 crore on behalf of the developers as against 12,710 units worth over Rs 11,000 crore in the previous fiscal.
Anarock, which has an employee base of around 1,800 across its offices in India and the Middle East, was profitable during the last fiscal.
In the last fiscal, Mumbai Metropolitan Region (MMR) and Pune property markets were major contributors to its revenue, driven by the stamp duty reduction by the Maharashtra government.
Anarock was formed by Puri in April 2017 after serving as a country head in a global real estate consultancy firm for a decade.
It has offices in all the major cities of India and also two offices in the UAE to tap non-resident Indians looking to buy real estate in India.
In the organised housing brokerage business, Anarock competes with Square Yards, PropTiger, Investors Clinic, India Sotheby’s International Realty, 360 Realtors, Quikr Realty, The Guardians Real Estate Advisory, Elite Landbase, Geetanjali Homestate, Xanadu Realty and Wealth Clinic among others.
(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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