360 Realtors' FY19 revenue up 46%; sells 6,000 units for Rs 4,100 crore
PTI April 22, 2019
Property brokerage firm 360 Realtors' revenue grew by 46 per cent to Rs 152 crore during the last fiscal, driven by higher sales of housing and commercial units in value and volume terms, a top company official said.
Gurugram-based 360 Realtors, 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 during 2018-19, its founder and MD Ankit Kansal said.
The company had sold 4,023 units worth Rs 2,682 crore in the previous fiscal year.
"Our brokerage revenue increased by around 50 per cent last fiscal, helping us to become profitable," Kansal told PTI.
In value terms, around 30 per cent of the sales came from Non-Resident Indians (NRIs), especially from the Middle East, he added.
Kansal noted that the real estate market is witnessing a revival on positive sentiments.
360 Realtors competes with the likes of PropTiger.com, ANAROCK, Square Yards, Investor Clinic and Wealth Clinic in the organised property brokerage business, which has now come under the ambit of new realty law RERA.
"The overall real estate market in India has once again started turning bullish on the back of regulatory reforms and healthy economic growth. Developers are also coming up with numerous attractive schemes such as developer subvention, attractive prices and freebies, thereby giving a buying boost," Kansal said.
He said housing prices are likely to remain stable for at least another 6-8 months.
Over the last year, the company has incubated verticals such as a unique broker aggregation platform, strategic advisory services for developers and a media house to achieve higher growth, he said.
360 Realtors mostly deals in residential spaces but has recently forayed into commercial sales and leasing segments as well.