BusinessEx, a realty arm of Franchise India, will have 51 per cent ownership in RE/MAX India from Cybiz Realty for approximate Rs 60 crore.
Franchise India is planning to initially invest about Rs 25 crore in an overall investment of Rs 60 crore. The company will have controlling stake and introduce new technologies while progressing in this joint venture. It visions to increase the current offices under the Franchise India umbrella from 60 to 1,000 franchise offices with the agent count to 5,000 by the end of 2020, expresses Franchise India & BusinessEx founder Gaurav Marya
As the new real estate rules would streamline the brokerage business and make it more organised and professional, the future of this partnership is expected to be fruitful.
“This acquisition allows both the companies to pursue potential near-term opportunities to create additional value through a lot of synergies from each other,” Sam Chopra, Founder & Promoter, Cybiz Realty.
Source: ET Realty