India Sotheby’s International Realty expects 40 per cent growth in revenue during this fiscal as demand for ultra luxury homes priced above ₹5 crore has improved in the last six months despite the Covid-19 pandemic, a top company official said.
India Sotheby’s International Realty, an exclusive master franchisee of US-based Sotheby’s International Realty, offers advisory services for luxury properties.
“We are confident of achieving a 40 per cent revenue growth this fiscal in difficult market conditions, which indicates a clear resurgence of luxury home demand,” said Amit Goyal, CEO, India Sotheby’s International Realty, in an interview with PTI.
He declined to share the revenue numbers.
To gain market share, Goyal said the company has grown the team strength by over 30 per cent since the Covid-19 pandemic began.
It has roped in Vineet Nanda as Director, New Projects, and has recently appointed Manisha Natarajan as Senior Advisor, Brand Communication and Editorial, he added.
Goyal said that high net worth individuals (HNIs) want to upgrade to more spacious homes with extra room, space for gym and fitness, open spaces like gardens, terraces, and balconies, in this post pandemic normal.
“Our own experience has been a solid uptake in the premium and luxury segments of ₹5 crore plus segment starting May this year and accelerating all the way to the festival season and the momentum continues,” he added.
Goyal said the company has been able to close big-ticket deals both in large cities of Delhi-NCR, Mumbai, Kolkata and second/holiday homes in destinations like Goa, Rishikesh, Dehradun and Alibaug.
“We have also registered a significant increase in UHNIs (ultra HNIs) seeking properties in some of the most sought after elite neighbourhoods such as Mumbai’s Bandra and BKC, Lutyens’ Delhi, Jor Bagh, Shanti Niketan, Vasant Vihar and Panchsheel Park and Judges Court in Kolkata. We have successfully closed several high-value transactions,” he said.
The deal sizes in the UHNIs category have ranged between ₹65 crore and ₹100 crore plus in the last three to four months, Goyal said, adding that the momentum of high-value transactions would continue next year.
“There’s pent-up demand particularly for luxury and premium residential segment, given the attractive pricing for ready inventory, low mortgage rates and robust demand for larger homes,” he said.
Born from the rich heritage of the Sotheby’s Auction House, Sotheby’s International Realty network is present in 72 countries with 23,000 sales associates and has achieved a record real estate global sales volume of $114 billion in 2019
The brand established its presence in India by setting up its first office in New Delhi in July 2014.
India Sotheby’s International Realty currently has four offices and a 68-member team.