Annexing real estate
Anex Advisory is a Mumbai-based real estate advisory and consulting firm..
..that has rapidly established itself as a credible, value-driven partner for developers and housing societies navigating the city’s complex property landscape. Founded in 2024 by Mr Sanjay Daga, CEO and Managing Director, the firm is the culmination of over three decades of professional experience spanning finance, law, and large-scale real estate development. With Mumbai real estate increasingly characterised by redevelopment-led growth, regulatory complexity, and capital discipline, Anex Advisory positions itself as a one-stop solution offering strategic, execution-oriented advisory services across the entire real estate lifecycle.
“Over a period of 15 years, I gained enough experience in terms of the business aspect of real estate—acquisitions, feasibility, capital structuring, and execution—which eventually led me to start my own consulting and advising firm,” says Daga. “The idea was to use that experience to add real value to every opportunity rather than just closing transactions.”
Mr Daga brings with him 33 years of professional experience, especially over 15 years in Mumbai’s real estate sector. His career includes senior leadership roles with some of India’s most prominent developers. He spent a decade with Kalpataru, where he last served as Business Head overseeing multiple verticals and outstation projects across cities such as Chennai, Hyderabad, Jaipur, and Indore. This was followed by a four-year tenure at Runwal Developers as Chief Operating Officer, during which he played a key role in securing Warburg Pincus as a private equity partner and in acquiring multiple assets. Before launching Anex Advisory, he was CEO of Puravankara for the western region, managing operations across Mumbai, Pune, and Goa. This deep exposure to the developer side of the business forms the foundation of Anex’s advisory philosophy.
Anex Advisory operates across three core verticals. The first focuses on joint ventures, joint development, and development management models, where the firm facilitates partnerships between landowners and developers, aligning commercial expectations with execution realities. The second and most prominent vertical is redevelopment advisory. Here, Anex works either with housing societies or developers, but never both on the same project, thereby consciously avoiding conflicts of interest. For societies, the firm provides end-to-end support—from feasibility analysis and documentation to developer selection and handholding through approvals and vacating. For developers, Anex represents their interests before societies when the latter have already appointed independent professionals, with its role concluding once the site is vacated and handed over for construction. The third vertical covers sales mandates, where Anex functions as an extended sales and marketing arm for developers, engaging from the earliest stages of project positioning and market intelligence through launch, site operations, and customer documentation.
A key differentiator for Anex Advisory lies in its integrated, in-house capability model. The firm employs chartered accountants, MBAs, engineers, architects, and legal professionals, enabling it to conduct preliminary legal, technical, and financial due diligence under one roof. This allows Anex to prepare comprehensive information memorandums that clearly outline project feasibility, regulatory pathways, risks, timelines, and return expectations. As a result, developers receive opportunities that are already vetted and structured, significantly reducing decision-making friction and execution risk. Currently, Anex advises nearly 50 developers in Mumbai, spanning a wide range of scale and profile, including listed national players.
“When a proposal goes from our office, the developer has confidence that the basic homework has already been done,” says Daga. “We are not like brokers who introduce two parties and walk away. We drive the entire process fairly, transparently, and with trust.”
The firm has also benefited from increasing consolidation within the real estate sector and the growing interest of southern Indian developers entering the Mumbai market. Developers such as Shobha, Embassy, NCC, Ramky, and others view Mumbai as a strategic geography capable of contributing significantly to their future revenues. Anex acts as a market-entry partner for these players, helping them build project pipelines, understand local dynamics, and bridge the initial capability gap until they establish their own on-ground teams.
Anex Advisory has scaled rapidly; it currently employs around 60–65 professionals who operate from a 2,650 sq. ft. office in Mumbai. The firm is engaged with over 70 housing societies and works on projects ranging from 1,500 to 50,000 square metres, with typical initial developer investments spanning ₹30 crore to ₹150 crore. While primarily focused on residential and mixed-use developments, Anex also advises on select commercial portfolios. Looking ahead, the firm expects to achieve a compounded annual growth rate of 20–25 per cent over the next five years, supported by consolidation, selective growth, and increasing use of technology in sales and marketing.
Mr Sanjay Daga concludes, “We are not brokers who merely introduce two parties. We work hand in hand with societies and developers, putting value on the table through due diligence, feasibility, and execution support, so that projects achieve closure efficiently, transparently, and without compromising stakeholder expectations.”
