+
ANAROCK to raise Rs 750 cr for buying proptech startups, biz expansion
Real Estate

ANAROCK to raise Rs 750 cr for buying proptech startups, biz expansion

Housing brokerage company ANAROCK Property Consultants is planning to raise about $100 million as equity to take over proptech startups and develop its business.

Mumbai-based ANAROCK, which is one of the prominent property consultants in the nation, had recorded an 18% increase in its income at about Rs 305 crore during the 2020-21 financial year despite the pandemic. The firm is targeting to boost its turnover to about Rs 400-450 crore this fiscal.

ANAROCK Chairman Anuj Puri told the media that they are planning to raise about $100 million as equity. There are several opportunities in the market for the procurement of proptech companies. They want to procure some of those firms, which fit their growth plans.

The firm has begun preliminary discussions with potential investors, he said, adding that it would take at least six months for the completion of fundraising. Puri made ANAROCK in April 2017 after serving as chairman and country head for 10 years in a global property consultancy company.

In January 2021, ANAROCK procured society and apartment management platform ApnaComplex from Bengaluru-based NestAway Technologies for approximately Rs 100 crore.

Recently, ANAROCK sold residential properties worth Rs 8,084 crore on behalf of developers during the April-September period this fiscal, surged by 82% year-on-year, on a return of demand, especially in Mumbai Metropolitan Region (MMR). It had sold properties amounting to Rs 4,446 crore in the April-September period in FY21.

The firm sold approximately 9,000 units during the first half of this financial year. The average ticket size of units sold was at Rs 90 lakh across the 13 cities of work. The MMR only contributed almost Rs 5,000 crore of sales value within the first half of this fiscal year, followed by Delhi-NCR estimating Rs 832 crore sales and Bengaluru at Rs 657 crore.

Image Source

Housing brokerage company ANAROCK Property Consultants is planning to raise about $100 million as equity to take over proptech startups and develop its business. Mumbai-based ANAROCK, which is one of the prominent property consultants in the nation, had recorded an 18% increase in its income at about Rs 305 crore during the 2020-21 financial year despite the pandemic. The firm is targeting to boost its turnover to about Rs 400-450 crore this fiscal. ANAROCK Chairman Anuj Puri told the media that they are planning to raise about $100 million as equity. There are several opportunities in the market for the procurement of proptech companies. They want to procure some of those firms, which fit their growth plans. The firm has begun preliminary discussions with potential investors, he said, adding that it would take at least six months for the completion of fundraising. Puri made ANAROCK in April 2017 after serving as chairman and country head for 10 years in a global property consultancy company. In January 2021, ANAROCK procured society and apartment management platform ApnaComplex from Bengaluru-based NestAway Technologies for approximately Rs 100 crore. Recently, ANAROCK sold residential properties worth Rs 8,084 crore on behalf of developers during the April-September period this fiscal, surged by 82% year-on-year, on a return of demand, especially in Mumbai Metropolitan Region (MMR). It had sold properties amounting to Rs 4,446 crore in the April-September period in FY21. The firm sold approximately 9,000 units during the first half of this financial year. The average ticket size of units sold was at Rs 90 lakh across the 13 cities of work. The MMR only contributed almost Rs 5,000 crore of sales value within the first half of this fiscal year, followed by Delhi-NCR estimating Rs 832 crore sales and Bengaluru at Rs 657 crore. Image Source

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code