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Luxury brokerage firm North India Sotheby’s International Realty is looking at new emerging markets such as South Africa, Australia, Singapore, Hong Kong to boost business.
“The Gulf region, the US and the UK are the top three markets currently for us,” said Amit Goyal, CEO, North India Sotheby’s International Realty, adding that it will soon enter new markets.
The company will open a desk in Singapore by end of this year, one in the east coast in the US by the first quarter of next year, he told BusinessLine . This will be followed up by Hong Kong, Australia, South Africa and Canada.
North India Sotheby’s International Realty, which is the Indian arm of the global Sotheby’s International Realty network, will complete two years of operations in India in August.
“The experience has been reasonably good even though markets are not that great. We had to change our strategy substantially in terms of our focus group. Now the focus is more on user-driven than investor-driven demand,” Goyal said.
The brokerage firm has seen transactions in South Delhi, Central Delhi and Gurgaon, apart from holiday homes in Goa, Rishikesh, Dehradun and so on. The properties typically range between ₹15 crore and ₹20 crore.
On the outlook for the Indian market, “It should start seeing some recovery in 18 to 24 months. By that time interest rates should settle down, rupee would be stable, and Real Estate Act will be implemented.”
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