RE/MAX India forays into Gujarat

A division of US-based RE/MAX International Property Group, RE/MAX India is all set to initiate its operations in Gujarat next month. The Delhi based real estate brokerage franchising company is at present identifying companies interested in buying broker-office franchises to operate throughout Gujarat. RE/MAX forayed into India a year ago and has presence in Bengaluru, Chandigardh, Panchkula, Pune, Tamil Nadu and Kerala. The market for real estate broking services is currently fragmented and unorganised in the state. Due to a lot of migration into the state, coupled with investments, there is an expected compound annual growth rate (CAGR) of 20 per cent in the next 5 years. The company also expects to conquer 25 per cent of the brokerage transactions in Gujarat. RE/MAX provides guidance to both the buyer and the seller for real estate transaction. The company plans to open 20 broker offices at the end of first year and take it to 80 offices by the end of five years. RE/MAX Gujarat will be investing Rs 3 crore in the next two years in developing the region. Moreover, the company will be spending a lot of money in branding and advertising.