Anuj Puri, former head of real estate consultation firm JLL who launched Anarock Property Consultants earlier this week has appointed Rahul Yadav, co-founder and former CEO of Housing.com as the chief product and technology officer.
According to a report in the Economic Times, Yadav will be responsible for the development of a technology driven online brokerage platform for Anuj Puri’s real estate brokerage, investment and fund platform.
What’s interesting is that Rahul Yadav was ousted from his venture Housing.com following various controversies like resigning and taking it back immediately, putting up a Facebook profile picture showing his middle finger and then offloading all his shares to the employees of Housing and then challenging CEOS of Zomato and Ola to follow in his footsteps.
Anarock is targeting a portfolio value of $500 million for its fund business by 2020.
“This appointment is in line with Anarock’s highly technology-driven orientation and business model for its residential advisory services. The online real estate business is still in its fledging stage in India, and we are taking the lead in boosting it into maturity. So far, the real estate sector has not been able to emulate the success of ecommerce for consumer durables and services,” Anuj Puri told ET.
With the intention to change that, Anuj is betting on Yadav’s experience to harness the consumer housing market at housing.com will add the required element to his new firm.
“I consider my appointment as chief product and technology officer at Anarock property consultants the logical step in my career and it is of course a complete privilege to work with an outstanding industry leader like Anuj Puri,” Yadav told ET.
Yadav will be based out of Anarock’s office in Mumbai.
ET reports that Anarock’s real estate investment and fund platform will invest Rs 300 crore in residential real estate projects across the country to begin with.
It currently houses two funds, ROF-I, which already stands fully deployed at Rs 161 crore and has already seen successful exits. ROF-II is the other fund which will invest into residential assets from an existing pipeline and its deployment will commence soon.