India Sotheby International Realty Records 50% Growth in Gross Sale Property
India Sotheby’s International Realty (India SIR) has recorded a growth of over 50% in the gross sale property turnover for the FY 2023 over FY 2022. The sales value of real estate transacted for the FY 2023 stood at $450 million vs $300 million. The firm focusses primarily on luxury residential sales and large capital market property transactions. The firm grew its property inventory by over 30% which currently stands at over $1 bn. South & Central Delhi, North Goa, and Mumbai are among the top markets for sales and listings, with most of the homes sold being independent bungalows and ultra-luxury floors in resale. Some of the marque sales achieved in FY 23 include a Kautilya Marg bungalow which was listed at INR 150 crore, luxury floors at Malcha Marg listed at valued at INR 80 crores, two farmhouses at the outskirts of South Delhi with listing prices of INR 110 cores and 85 INR crore, a bungalow at Friends Colony West with a listing price of INR 70 crore, luxury floors at Golf Links with a listing price of INR 70 crore, villa in Goa, listed at INR 42 crore, super luxury flat in Mumbai’s Bandra West with a listed price 45 crore, amongst others. Stepping into its 10th year of operation, India SIR has designated Amit Goyal as Managing Director for India, Sri Lanka and Maldives and Ashwin Chadha is designated as CEO for the region. Additionally, India SIR grew its work force by over 40% with a current team of over close to 80 professionals from private banking, luxury, hospitality and real estate. The firm now has a strong presence and coverage in 5 Indian cities viz. New Delhi, Mumbai, Kolkata, Bengaluru, Goa, along with Colombo in Sri Lanka. India SIR is targeting a sales transaction turnover of $1 bn as it steps into its 10th year of operations, with an expanded presence in Delhi NCR, South India, Goa and is hiring senior talent and boutique outfits, across all offices. Managing Director, India SIR Amit Goyal, attributes the company's spectacular growth to pent-up demand for a lifestyle upgrade and strengthening of India SIR’s team and presence in the country’s major luxury real estate markets. “Large business families, CXOs, professionals, and start-up founders looking for a bespoke lifestyle make up the customer profile for luxury homes marketed exclusively by India Sotheby's International Realty. In our recent annual survey, 61% of HNIs and UHNIs said that they continue to find real estate to be an appealing investment option in 2023-24. The commercial vertical of our business is also getting stronger, and we have added a compelling value proposition for our clients with our design and architecture practice. I anticipate that we should be able to touch a target of $ 1 billion of gross sales property turnover, as we conclude our 10th year of operations in the region, in FY 24” added Amit Goyal. Ashwin Chadha, CEO commented, “The company recognizes 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. We are excited about the opportunities that will emerge in India, as it goes on to become the world’s third largest economy by 2030.” “Our international transactions have also regained velocity and we’ve placed some marque properties in London, Dubai and New York with the discerning wealthy customers” added Ashwin Chadha. Other notable business highlights for FY 23 include a strategic investment in prop tech firm CRE Matrix, with an acquisition of 12% equity; acquisition of an experienced and noted architecture and design firm, jointly led by Arjun Sodhi and Tania Bhatia. Going forward, the firm is keenly evaluating options in real estate Fractional Ownership and Alternate Investment Fund segments.
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