MUMBAI: Rahul Yadav, co-founder and former CEO of Housing.com, has now joined Indian real estate industry stalwart Anuj Puri’s newly launched venture ANAROCK Property Consultants as Chief Product & Technology Officer.
ANAROCK Property Consultants, a real estate brokerage, investment and fund platform, is targeting a total portfolio value of $500 million for its fund business by 2020. Yadav will be responsible for the development of a technology-driven online brokerage platform for Puri’s venture that would eventually attract international investments.
Yadav has been known for his entrepreneurial venture Housing.com that attracted significant investment from international investors including Softbank. However, he had to leave Housing.com under controversial circumstances.
“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 fledgling 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,” said Anuj Puri, Chairman – ANAROCK Property Consultants.
Puri intends to change that and hopes that Yadav’s experience in harnessing the consumer housing market at Housing.com through technology will add the key element. Puri reckons that ANAROCK is looking to build a cutting-edge, consumer-focused technology platform and support infrastructure that would help it bring in a transformation of the residential property business.
Indeed, real estate in India continues to see most of its success as an offline business, with very little technological innovation happening to speed up its adoption as a viable online business model. Real estate advisories, online property listing aggregators and even developers have made some headway, but this field nevertheless remains underserved because of lack of integration with credible expert offline advisory and transaction support. In short, the continued challenge lies in successful sales conversion in a manner which also places the customer’s interests first.
“I consider my appointment as Chief Product & Technology Officer at ANAROCK Property Consultants the logical next step in my career, and it is of course a complete privilege to work with an outstanding industry leader like Anuj Puri,” said Yadav.
Following his exit from Housing.com, Yadav had started another data analytics firm Intelligence Interfaces in September 2016. This venture had also attracted investments from some big names from Indian ecommerce businesses, but it had also fizzled out within six months.
Yadav, who will be based out of ANAROCK’s Mumbai offices in Bandra-Kurla Complex, assumes his new role from this week and is already building his team of product and technology experts.