Founders Anuj Puri and Rohin Shah own over 80% of Anarock, which started with a focus on residential services, and has expanded into commercial real estate services as well. It also offers investment banking, research & valuations, app-based flexible workspaces (had acquired myHQ) and society management agency (took over ApnaCity) services.
360 One has invested Rs 200 crore for a minority interest in Anarock, marking its first investment in the real estate consultancy segment. The $8-billion fund, however, has exposure in the broader realty sector. In June last year, it had invested in Neoliv — a residential platform founded by former Godrej Properties MD Mohit Malhotra.
While the Indian real estate consultancy sector continues to remain fragmented, it has increasingly been moving towards formalisation, said Anarock chairman Puri. This, he described, has been because of regulations mandating transparency & accountability, technological advancements enabling digital listings, virtual tours & online transactions, and the entry of international firms encouraging traditional consultants to improve their service standards.
Before founding Anarock in 2017, both Puri and Shah had a stint at Jones Lang LaSalle (JLL) — one of the world’s leading property consultants. While Puri headed the local unit of JLL in 2007, Shah started his career with the company in 1986.
Eight years later, Shah established Chesterton Meghraj, where Puri was the MD. This company subsequently became Trammell Crow Meghraj, in which US-based Trammell Crow and Puri held a stake. In 2007, Chicago-based JLL combined its India business with Trammell Crow Meghraj and appointed Puri as head of the merged entity. The deal saw Shah’s exit from the real estate advisory business.
Puri quit JLL a decade later in 2017 and along with Shah, bought the residential brokerage business — estimated to be around Rs 3,000 crore — from their former employer.
Today, Anarock is present in 19 cities in India and also has a play in the Middle East with over 2,200 employees.