Rahul Yadav, the estranged former CEO of property-listing firm Housing.com, has joined former JLL India head Anuj Puri’s new property venture ANAROCK Property Consultants. Rahul Yadav has joined the newly-launched real estate brokerage and investment fund manager as Chief Product and Technology Officer, The Economic Times reported.
Rahul Yadav’s mandate will include developing a technology-driven online brokerage platform for ANAROCK Property Consultants. ANAROCK is targeting a total portfolio value of $500 million for its fund business by 2020, The Economic Times reported.
Earlier last month, Anuj Puri, former chairman and country head of JLL in India, launched ANAROCK Property Consultants after acquiring the property consultancy firm’s residential brokerage business. The new firm’s real estate investment and fund platform will invest Rs 300 crore in residential real estate projects, it had said in a statement. “Our unique, multi-pronged approach will significantly differentiate Anarock from all other players within the Indian residential property market,” Puri, who is the chairman of the firm, had said.
ANAROCK also seeks to provide debt, equity and mezzanine funding to residential developers. It is currently enhancing its team of residential brokers to a pan India headcount of 700 by the end of 2017. Anarock’s investment and fund platform, which is targeting a capitalization of $500 million by 2020, currently houses two funds. ROF-I, with its recent investments, stands fully deployed at Rs161 crore and has already demonstrated successful exits. ROF-II, for which Rs 300 crore were raised in 2016, will invest into residential assets from an existing pipeline and its deployment will commence as soon as it completes the last leg of regulatory requirements, it said.
Anuj Puri left JLL India as Chairman on 28 February, and soon after acquired Jones Lang LaSalle Residential Private Ltd (JLLR) from the firm in April.
On the other hand, Rahul Yadav, who had founded Housing.com and brought in overseas investors into the company including Japan’s Softbank, was unceremoniously voted out of the firm after frequent tussles with the board. Later, this year, Softbank-backed Housing.com announced plans to merge with News Corp-backed PropTiger, which Rahul Yadav said was end of the road for his former firm, which has seen an exodus of most of the top talent.