Mumbai (Maharashtra) [India] Jan 28 (ANI/PRNewswire): Close on the success of its residential services vertical, ANAROCK Group today announced its expansion into office real estate.
ANAROCK Commercial will focus exclusively on strata sale office assets. Industry veteran Bappaditya Basu has been appointed as Chief Business Officer of ANAROCK Commercial.
"ANAROCK Commercial was a part of our expansion plan, and its launch is a natural next step after our resounding success in the residential sales market, where we have already captured a 10 per cent market share with over 300 successfully marketed residential project mandates. We have fine-tuned our proprietary in-house technology and digital platform to extend seamlessly into the office strata sale market. Our expansion into office real estate is a direct response to our customers' express request for such options. ANAROCK Commercial will assist businesses and investors in making the ultimate profitability move of owning office spaces outright", said Anuj Puri, Chairman - ANAROCK Group.
The team reports to Santhosh Kumar, Vice Chairman - ANAROCK Group and will operate in all major cities - MMR, NCR, Bengaluru, Hyderabad, Chennai, Pune, and Kolkata. It has already secured mandates to strata sell three million square feet of office space in MMR and NCR.
Apart from the unmatched business benefits of operating from owned premises, office asset ownership has gained significant traction with investors, including NRIs.
Depending on the exact location and building facilities, the rental yield ranges from 7-9 per cent for Grade A office assets and between 9-10 per cent for non-Grade A spaces.
"By 2019-end, under-construction Grade A office real estate in the top seven cities was worth more than Rs 2.5 lakh crore", said Bappaditya Basu.
"25 per cent of this stock (worth over Rs 63,000 crore) is available for strata sale. These accounts only for under-construction office spaces - there are also completed and occupied office spaces owned by investors to consider. For this vertical, we are largely associating with our existing developer clients who have repeatedly asked us to enhance our services beyond residential to sell and market some of their office assets", he added.
"Some office project developers now list between 25-40 per cent of their office supply for strata sales to maintain cash flows for expansion and efficiently consolidate their businesses", he explained.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)