India-Based 360 Realtors Acquire U.S.-Based Property Broker Risa RealtyMay 09, 2019 16:43
The real estate brokerage firm 360 Realtors on Thursday said it has acquired the United States-based company Risa Realty to sell Indian properties in the American market and is targeting a total sales booking of Rs 750 crore this fiscal.
Post this acquisition, Gurugram-based 360 Realtors will get into the U.S. property market and set up new offices in major Non-Resident Indian-centric markets, including New York, Chicago, Los Angeles, San Francisco, Boston, and Washington.
"The founders of Risa Realty have been active in the US market for more than a decade and command a dominant position in servicing the NRI market with their India Real Estate needs," 360 Realtors Managing Director and Chief Executive Officer Ankit Kansal told PTI.
The acquisition will help 360 Realtors understand the United States market better, devise an effective market penetration strategy and enter new uncharted territories, he added.
"Likewise, by aligning with 360 Realtors, Risa Realty can get access to the state-of-art technology, tie-ups with leading Indian developers, extensive manpower and wider geographic reach," Kansal said.
"Risa Realty will merge with a new entity which we have set up in the USA, named 360 Realtors LLC," he said.
Kansal said the company is targeting to sell Rs 750 crore worth of properties in the United States market in this financial year. Risa Realty sold properties worth Rs 250 crore earlier this year.
360 Realtors posted a 46 percent growth in revenue to Rs 152 crore during the previous financial year. The company, which has over 50 offices across India and overseas with a sales force of more than 1,000 people, sold 6,000 units worth Rs 4,100 crore in 2018-19.
In value terms, around 30 percent of the sales came from non-resident Indians, especially from the Middle East countries.
It sold 4,023 units worth Rs 2,682 crore in 2018-19.
"This will be a win-win situation for both. Over the years, we have developed unique expertise in the US NRI market...By associating with a big brand like 360 Realtors and leveraging their vast resources, we can multiply our reach in the USA market," Rippy Sethi of Risa Realty said.
The U.S. market has over four million NRIs with high disposable income.
360 Realtors competes with the likes of PropTiger.com, ANAROCK, Square Yards, Investor Clinic and Wealth Clinic in the organized property brokerage business, which has now come under the ambit of the Real Estate (Regulation and Development) Act.
By Sowmya Sangam