JLL sells residential business to former CEO Anuj Puri

US- based real estate brokerage JLL on Tuesday said it is selling its residential brokerage to its former CEO Anuj Puri who is setting up a technology-led brokerage firm.

The deal value is not known.

Puri will lead a team of 200 residential brokers across eight Indian cities.

"With the Rera coming in, there is a lot of responsibility on the property brokers like fine of 10 percent of the cost of the project or a year in jail in case of misrepresentation to the buyers. Property brokers will become what financial brokers became after the Sebi was set up," said Puri.

He said his new company will be a hybrid one where demand will be generated online and fulfilled offline.

"Today, a lot of buyers check properties online and then buy it offline. We want to build our business around that," he said.

Ashwinder Raj Singh will continue in his role as CEO of JLL Residential, reporting to Puri who will be chairman of JLL Residential.