India Sotheby’s International Realty on Tuesday said it facilitated sales of properties worth $450 million (around Rs 3,700 crore) in the last fiscal, up 50% annually, driven by a surge in demand of ultra luxury homes.
The company, which focuses primarily on luxury residential sales and large capital market property transactions, had facilitated property transactions worth $300 million in the previous year.
Real estate consultant India Sotheby’s International Realty also announced that Amit Goyal has been designated as managing director for India, Sri Lanka and Maldives; and Ashwin Chadha designated as CEO for the region.
“We have achieved 50% growth in transactions value closed by us during the last fiscal. Post-Covid, there has been a surge in demand for luxury properties and prices have also appreciated,” Goyal told reporters here. He mentioned that investors have also returned to the market, seeing a rise in prices.
Asked about the company’s own revenue in terms of consultancy fees, Goyal did not disclose the number but said that it also grew by 50%.
Out of the total property transactions, Chadha said around 92-93% were in residential segment while the rest in commercial properties and capital market property transactions. He highlighted that 85% of the transactions concluded by the company pertained to secondary (resale) property markets.
Geographically, the company said 60% of the transactions were in Delhi-NCR market followed by Mumbai, Goa, Kolkata and Bengaluru. International markets contributed around 10% to the business.
Some of the big-ticket sales achieved in FY23 include a Kautilya Marg bungalow which was listed at Rs 150 crore, luxury floors at Malcha Marg listed at Rs 80 crore, two farmhouses on the outskirts of South Delhi with listing prices of Rs 110 crore and Rs 85 crore, a bungalow at Friends Colony West (Delhi) with a listing price of Rs 70 crore, luxury floors at Golf Links with a listing price of Rs 70 crore, a villa in Goa listed at Rs 42 crore, and a super luxury flat in Mumbai’s Bandra West with a listed price of Rs 45 crore.
“Large business families, CXOs, professionals, and startup founders looking for a bespoke lifestyle make up the customer profile for luxury homes marketed exclusively by India Sotheby’s International Realty,” Goyal said.
Additionally, India Sotheby’s International Realty grew its workforce by over 40% with a current team of around 80 professionals from private banking, luxury, hospitality and real estate. The firm has a presence in New Delhi, Mumbai, Kolkata, Bengaluru, and Goa, along with Colombo in Sri Lanka.
Chadha said “the company recognises the importance of having a professional, highly skilled, and diverse team that can bring valuable insights and expertise to the table for the discerning wealthy client. We are also on the lookout for aligned businesses and verticals to invest in as a strategic partner, or to venture into some of them by ourselves”.
Born from the rich heritage of the Sotheby’s Auction House, The Sotheby’s International Realty network is present in 81 countries and territories with 1,075 offices and 26,000 sales associates and has achieved a record real estate global sale of $167 billion. India Sotheby’s International Realty established its presence in July 2014.
Source: BQ Prime