ANAROCK Property Consultants has acquired real estate broking firm LJ Hooker's India business Redwoods as part of its strategy to provide integrated real estate solutions to clients.
The size of the deal is however not known.
The deal is set to close with immediate effect with ANAROCK absorbing all employees of Bengaluru-based Redwoods.
ANAROCK was established by Anuj Puri, the former chairman of property consultant JLL India.
In April, global property consultant JLL sold its India residential brokerage arm Jones Lang LaSalle Residential to Puri, who later renamed it as ANAROCK Property Consultants.
"Redwoods' acquisition is in line to our overall business strategy to become India's leading residential real estate solutions company. It will help us augment our operations across key southern markets," Puri, Chairman of ANAROCK Property Consultants said.
The acquisition would give ANAROCK unparallelled competitive advantage to offer custom-made real estate solutions, he said.
"With a strong presence and unique multi-pronged approach, ANAROCK is decoding unmatched value for both B2B and B2C clients," Puri said.
ANAROCK aims to redefine housing brokerage and other related services by offering integrated solutions through a hybrid model of online and offline convergence.
The company launched its operations in June 2017 and is well on its way to cross Rs 100 crore of revenues this year. It is targeting Rs 250 crore of revenues in 2018.
ANAROCK will increase headcount to 1,000 by year-end from the current 750.
The company operates in all key property markets -Mumbai, Chennai, Bengaluru, Gurugram, Noida, Hyderabad, Kolkata, Pune and has global presence in Dubai.
ANAROCK group's key strategic business units comprise residential business- broking & advisory services to clients; investment business- debt, equity and mezzanine funding and research & consulting business.
Its investment arm has built a revolutionary business model of bulk-purchasing residential apartment inventory through a proprietary investment fund.
Redwoods has expertise in fund management, deal structuring, fund syndication, joint developments and unique transactions. LJ Hooker has grown to become Australia's best-known real estate brand.
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