JLL is selling its India residential brokerage arm to former India head Anuj Puri. Mr Puri, who left the firm on 28 February, has worked closely with the JLL India and Asia Pacific leadership teams to complete the acquisition of Jones Lang LaSalle Residential Private Ltd (JLLR) and will lead a team of 200 residential brokers across eight Indian cities.
"This is a great outcome for all parties," said Anuj Puri, who will lead the new organisation as Chairman - Jones Lang LaSalle Residential (JLLR). "After 10 incredible years with JLL, it's now time to build something new and I'm very much looking forward to focusing on the exciting opportunities in India's residential sector. Initially, the business will retain the existing brand name, JLLR, operating through its unique business model of online property marketing coupled with complete offline brokerage support. Going forward, it will be renamed to reflect the new ownership structure."
"With his impeccable track record in Indian real estate and his passion for the residential sector, Anuj is the best person to continue to build this business and we wish him every success in his future endeavours," says Ramesh Nair, current CEO and country head of JLL India. "This has been a smooth and well-planned process as Anuj transitions to his new ventures. For JLL, it is a strategic move that will allow us to focus on new growth areas for our India business and continue to offer best-in-class real estate advice and services to our clients."
JLL is India's largest real estate consulting firm with an extensive geographic footprint across 11 Indian cities and over 9,000 employees. It provides investors, developers, domestic and multinational corporates with a comprehensive range of services including investment advisory, research and analytics, consultancy, transactions, project & development services, integrated facility management, property & asset management and sustainability services.
A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion.
The firm has extensive expertise in the office, retail, industrial, hotels, logistics and land sectors. While the residential brokerage arm will be under new ownership, JLL will continue to provide consulting, advisory, valuation, research, property management, project and development services and capital markets services for residential developers.
"JLL India has incubated the residential brokerage division over several years. Anuj has shaped it with his trademark passion and expertise and I'm sure its success will continue," says Anthony Couse, CEO, JLL Asia Pacific. "Now, as we look ahead and continue to grow JLL's India business, we know that our clients - both domestic and multinational - are looking to us to help them navigate opportunities in this exciting phase in India's economic development. I'm confident that we have the right team and structure in place to deliver on our ambitious growth plans."
Ashwinder Raj Singh will continue in his role as CEO of JLLR, reporting to Mr Puri.