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 demafter 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 dembounced back strongly both after the first 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 demlow interest rate on home loans.

“We are targeting to achieve a revenue of around Rs 400-450 crore from our housing brokerage business other consultancy services in offices, capital market, hotel, malls 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 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 their sales bookings numbers have grown.

He expects a strong housing demduring 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 demfor second home at hills 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 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 the Middle East, was profitable during the last fiscal.

In the last fiscal, Mumbai Metropolitan Region (MMR) 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 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 Wealth Clinic among others.

(Only the headline 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.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better more relevant content. We believe in free, fair credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism subscribe to Business Standard.

Digital Editor

Source link