Within two months of moving out as India chairman and country head of JLL India, Anuj Puri has acquired the firm’s India residential brokerage arm. Puri, who left the firm on February 28, will now get complete control of a team of 200 residential brokers across eight Indian cities.
JLL India has extensive expertise in the office, retail, industrial, hotels, logistics and land segment. While the residential brokerage arm will be under new ownership, JLL will continue to provide consulting, advisory, valuation, research, property management, project and development services, and capital markets services for residential developers.
“This is a great outcome for all parties. After 10 incredible years with JLL, it’s now time to build something new and I’m very much looking forward to focusing on the exciting opportunities in India’s residential sector,” said Anuj Puri, who will lead the new organisation as Chairman – Jones Lang LaSalle Residential (JLLR).
According to Puri, the size of Indian residential brokerage market is roughly Rs 18,000 crore, which is eight times bigger than the commercial brokerage market. “There is a huge opportunity for organized brokerage here and that explains our interest in this space. Also, with the eminent implementation of RERA, requirement for transparent and ethical approach to the residential brokerage will rise,” Puri added.
To take the business further, Puri is looking to build on the model of online property marketing with complete offline support.
With his impeccable track record in Indian real estate and his passion for the residential sector, Anuj is exactly the right person to continue to build this business and we wish him every success in his future endeavours,” said Ramesh Nair, CEO & Country Head, JLL India. “This has been a smooth and well-planned process as Anuj transitions to his new ventures. For JLL, it is a strategic move that will allow us to focus on new growth areas for our India business and continue to offer best-in-class real estate advice and services to our clients.”
Initially the business will retain the brand name JLLR and going forward it will be rechristened to reflect the new ownership. Ashwinder Raj Singh will continue in his role as CEO of JLLR, reporting to Puri.
“JLL India has incubated the residential brokerage division over several years. Anuj has shaped it with his trademark passion and expertise and I’m sure its success will continue,” said Anthony Couse, CEO, JLL Asia Pacific. “Now, as we look ahead and continue to grow JLL’sIndia business, we know that our clients – both domestic and multinational – are looking to us to help them navigate opportunities in this exciting phase in India’s economic development. I’m confident that we have the right team and structure in place to deliver on our ambitious growth plans.”
In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion sq ft, and completed sales acquisitions and finance transactions of approximately $136 billion.