51% stake has been acquired by Franchise India in the property brokerage network RE/MAX India for an amount of about Rs.60 crore. This has been done as the expectation is to witness a high growth in business after the execution of new law of real estate.
BusinessEx.com, the branch of real estate by Franchise India, has obtained 51% stake from Cybiz Realty in RE/MAX India.
The remaining 49 per cent will lie with the founder and promoter of Cybiz Realty, Sam Chopra.
The complete value of the enterprise is estimated to be above Rs.100 crore. Out of the total investment of Rs.50-60 crore planned by Franchise India, Rs.25 crore will be invested in the initial stages.
Franchise India’s stake will be a controlling one and they will also introduce new technologies in this joint venture.
There are already 60 offices of RE/MAX in India and the plan is to open 1000 franchise offices.
The law of getting the real estate brokers registered under RERA will make the business of brokerage much more professional and systemized.
RE/MAX is a unit of the largest real estate network of the world, RE/MAX.