Global consultancy firm Jones Lang LaSalle Inc. (JLL) has decided to sell its India residential brokerage arm to former country head Anuj Puri, the company said in a statement on Tuesday.
Puri, who left the firm in February, will lead a team of 200 residential brokers at Jones Lang LaSalle Residential Pvt. Ltd (JLLR) across eight cities.
JLL didn’t disclose financial details of the transaction.
“This has been a smooth and well-planned process as Anuj transitions to his new ventures,” said Ramesh Nair, CEO and country head, JLL India. “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.”
Puri said the business will retain the existing brand name, JLLR, for some time and operate through online property marketing coupled with complete offline brokerage support. It will be renamed subsequently to reflect the new ownership structure, he said.
Puri will be the chairman of JLLR. Ashwinder Raj Singh will continue as chief operating officer at JLLR, reporting to Puri.
JLL will continue to provide consulting, advisory, valuation, research, property management, project development and capital markets services for residential developers.
JLL is one of India’s top real estate consulting firms and has presence in 11 cities. It provides investors, developers, domestic and multinational companies with services including investment advisory, research and analytics, consultancy, transactions, facility management and property management.
The firm also has strong presence in the office, retail, industrial, hotels and logistics sectors.