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India Sotheby’s International Realty raises USD 2 million for expansion

India Sotheby’s International Realty raises USD 2 million for expansion

NEW DELHI: India Sotheby’s International Realty, which is into advisory services for luxury properties, has raised USD 2 million from high net worth individual to expand its operations in Bengaluru, Kolkata and Gurgaon as it expects demand for premium housing to rise.

The company, an exclusive master franchisee of US-based Sotheby’s International Realty, had few months back entered into an equity deal with Bennett Coleman and Company Ltd (BCCL) worth USD 7 million.

“We have raised USD 2 million from HNI. The fund will be used for expansion in three new cities. We currently have presence in Delhi and Mumbai,” India Sotheby’s International Realty CEO Amit Goyal told .

The company would also increase headcount to about 50 from the current around 30, he said, adding that the company plans to set up India desk at Singapore, New York and Canada to market Indian properties among NRIs.

Goyal said the company has facilitated about 70 property transactions, with an average ticket price of Rs 11 crore, this year with an annual growth of 30-40 per cent. The target is to reach the average ticket price of Rs 13-14 crore.

Asked about luxury real estate market, Goyal said this is the right time to buy premium properties as prices have stabilised after falling 25-35 per cent across major cities.

“As the affluent Indians increasingly make their presence felt across the globe and seek consultants who are insightful, trust-worthy and advise on their needs, we step in with our global expertise of managing the top of the pyramid,” Goyal said.

The company’s President Ashwin Chadha said: “With additional investments comes greater responsibility and we are fully aware of that as we look at fast emerging as the most preferred partner in the space of luxury real estate.”

India Sotheby’s International Realty has recently opened office in Mumbai to cater demand of luxury real estate for West India HNIs. It has hired experienced professionals from a mix of real estate, banking and the luxury segment to drive their Mumbai operations.

Sotheby’s is a 270 year old world-renowned brand that is synonymous with luxury, with interests in areas like auction, diamonds, wine and real estate.

Sotheby’s International Realty operates a global network of over 21,000 agents across 71 countries with 900 offices with a unique online platform to support. In 2016, the brand achieved a record global sales volume of USD 95 billion.

PTI