NRI Real Estate and Property Investment in India
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Century 21 To Set Up 1,000 Offices In 5 Years
Tuesday, April 15, 2008

Global realty brokerage firm Century 21 Real Estate LLC on Monday announced its foray into the Indian market with plans to open offices across the country, where it is eyeing a business of Rs 1,000 crore in five years.

The US-based company plans to open 1,000 offices through franchisee route. It would also have its own offices at 50 locations in the country to manage the entire operations.

"In the next five years, we plan to have 1,000 offices at pan-India level. We expect Rs 1,000 crore revenue after these sub-franchisees get fully functional," Century 21 India Country Head Ajay Rathore told media.

The company would first start with the metros and the Tier I cities, followed by Tier II and III cities, he added.

"We will provide services in purchase of office, retail, residential spaces, land and IT parks. We also plan to have rental and leasing services for our customers," Rathore said.

Some of the clients, whose properties the company would deal with, include DLF, Unitech, Parsvnath, Omaxe, BPTP and Jaiprakash Associates among others.

"To maintain transparencies and give best services to the customers, we will have our own offices. We have already set up five company offices in NCR. To manage all the franchisees, we will have about 50 offices in the country," Rathore said.

The company has already identified Bangalore, Hyderabad, Goa, Chandigarh and Chennai for setting up company offices, he added.

When asked about the revenue-model of the franchisee route, Rathore said the master franchisee would get six per cent royalty fee from each transaction.

Century 21 Real Estate LLC has over 8,300 independently owned and operated broker office in 58 countries and has 1.4 lakh sales agents across the globe.

 

 

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