Home >Companies >News >Anarock's FY21 revenue up 18% to 302 crore

Property consultant Anarock clocked an 18% growth in its revenue at 302 crore in the past fiscal despite the COVID-19 pandemic, chairman Anuj Puri said on Sunday.

In an interview with PTI, Puri said the firm sold 14,700 units worth 16,240 crore on behalf of developers in fiscal 2021.

The numbers are higher than in fiscal 2020, when Anarock sold 12,710 units worth over 11,000 crore.

Puri said housing sales in the first four months of 2019-20 were affected due to the lockdown imposed to control the spread of the coronavirus disease.

However, he said, demand for residential properties improved significantly thereafter.

"We have achieved a revenue of 302 crore in the last fiscal," Puri said.

Anarock, a key player in housing brokerage business, posted 256 crore turnover in the previous fiscal.

A bulk of the revenue came from brokerage from sale of residential properties, he said.

Capital market advisory, leasing of retail space, sale of office properties, consulting business, digital solutions also contributed in the overall revenue.

"First four months of FY21 were difficult for residential while momentum picked up in the next four months from August to November, and the last four months from December 2020 to March 2021 was a home run," said Puri, while summing up the performances of his company as well as the overall primary residential market.

He attributed the rise in the company's turnover to digital, technology and a committed team.

Anarock, which has an employee base of around 1,800 across its offices in India and West Asia, was profitable in the past fiscal.

Puri noted that Mumbai Metropolitan Region (MMR) and Pune property markets were major contributors to its revenue, driven by the stamp duty reduction by the Maharashtra government.

In terms of residential category, he highlighted that the luxury segment, particularly in the 25-60 crore range, performed exceptionally well as businessmen and ultra high net worth individuals bought bigger apartments with latest amenities to upgrade their lifestyle.

The affordable housing projects also did well, he said, adding that ready-to-move-in properties were preferred more than the under-construction ones.

Puri highlighted that plotted development saw a lot of traction in Bengaluru and Chennai markets.

Puri set up Anarock in April 2017 after serving as country head at a global real estate consultancy for a decade.

Anarock has offices in major Indian cities and two offices in the UAE to tap non-resident Indians looking to buy real estate in India.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout