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360 Realtors Acquires US-Based Property Broker Risa Realty

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360 Realtors Acquires US-Based Property Broker Risa Realty

With the acquisition of US-based property broker Risa Realty, 360 Realtors aims to cater to the needs of NRIs interested in investing in Indian properties

Real estate brokerage firm 360 Realtors acquired a US-based company Risa Realty. The acquisition comes in the backdrop of the former’s plan to sell Indian properties in the American market. This Gurugram-based real estate brokerage firm is aiming to hit the target of Rs 750 crore this fiscal. The firm will expand and set up new offices in New York, Chicago, Los Angeles, San Francisco, Boston and Washington to target the NRIs residing in the market. 360 Realtors MD and CEO Ankit Kansal told PTI that the founders of Risa Realty had 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.

Kansal said that Risa Realty will merge with a new entity that they have set up in the USA called 360 Realtors LLC. He added that the acquisition will be of great help to understand the US market better, to devise an effective market penetration strategy and enter new uncharted territories. Kansal said that by aligning with 360 Realtors, Risa Realty will get an opportunity to access the state-of-art technology and tie-up with leading Indian developers. Risa Realty can also benefit from extensive manpower and wider geographic reach.

360 Realtors wants to sell Rs 750 crore worth properties in the US market in this financial year. 360 Realtors recorded a 46 percent growth in revenue that stood at Rs 152 crore in the previous financial year. The company has 50 offices across India and overseas with a sales force of more than 1,000 people. 6,000 units worth Rs 4,100 crore were sold in 2018-19.

30 percent of the sales came from non-resident Indians (NRIs) with maximum contribution form the Middle East Countries. According to Rippy Sethi of Risa Realty, this is a win-win situation for both. According to Sethi, associating with a big brand like 360 Realtors, the company hopes to multiply their reach in the USA market. There are approximately four million NRIs with a high disposable income in the US market. PropTiger.com, ANAROCK, Square Yards, Investor Clinic and Wealth Clinic are the competitors of 360 Realtors in the organised property brokerage business.

Source: Moneycontrol

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