Anarock acquires 51% stake in DSP Design Associates for ₹450 crore

Anarock Group has acquired a 51% stake in architecture and interior design firm DSP Design Associates at an enterprise valuation of about ₹450 crore. The deal, funded through internal accruals, is aimed at expanding Anarock's capabilities into architecture, master planning and interior design, lever

NEW DELHI: Anarock has acquired a 51% stake in architecture and interior design firm DSP Design Associates at an enterprise valuation of around ₹450 crore. DSP's founders Yatin Patel, Mehul Shah and Bimal Desai will retain the remaining 49% stake and continue to run the company.

Anuj Puri, founder and chairman of Anarock Group, told ETRealty that DSP Design Associates reported revenue of around ₹450 crore in FY26. The acquisition has been funded entirely through internal accruals.

Puri said Anarock deliberately retained the founding team as DSP operates in specialised areas where its promoters have built expertise, client relationships and brand equity over several decades. “There is a reason we took 51% and left 49% with the founders. They have been in the industry for a long time and have expertise in this field which we don't have but which we needed,” he said.

The transaction is aimed at expanding the company's capabilities beyond real estate advisory, transactions, project management and engineering into architecture, master planning and interior design. Puri said the company identified an opportunity because a significant portion of Anarock and DSP's clientele overlaps. “We realised that several of our clients needed architecture and interior designing services which we could capitalise on. DSP was also working with a similar set of clients. Merging them with us made sense because we can now offer more services to our clients,” he said.

DSP currently employs more than 320 professionals across Mumbai, Bengaluru, Pune, NCR and Hyderabad and has delivered over 1,000 projects. It has more than 125 million sq ft of ongoing projects across commercial IT parks, mixed-use developments, residential, retail and hospitality.

Anarock Group reported revenue of about ₹1,100 crore in FY26 and is targeting growth of 25-30% in FY27, Puri said. The company is profitable and is currently prioritising growth over cost optimisation, he added. “Currently, we are looking at growth and not specifically looking at optimisation of cost. We are open to having new verticals,” Puri said. The acquisition of DSP adds a sizeable business to Anarock's existing platform, with DSP's FY26 revenue equivalent to about 41% of Anarock Group's ₹1,100 crore revenue for the same year.

Anarock plans to continue operating its subsidiaries and business verticals independently, with separate business development teams. Puri said the objective is not necessarily to integrate all functions operationally but to build a common platform capable of offering multiple real estate services to the same client base. “The idea is to go deeper with our clients and offer one platform which provides full-scale services. Whether they want capital, residential, office or design, we will be able to offer it,” he said.

The company will continue evaluating opportunities across the real estate value chain where there is significant overlap in clientele. Puri said capabilities that can be built internally will generally be developed organically, while Anarock could consider acquisitions where specialised expertise is required. “Where we can generalise, we will build it within the company organically. Where it is specialised, we will look at acquiring,” he said. He added that while international property consultants have not moved materially into architecture and interior design so far, Anarock sees both growth potential and attractive margins in the segment.