Sotheby’s International Realty, the luxury real estate arm of the auction house Sotheby’s, is set to expand its presence in the country. The first office as part of the expansion for the India territory will be set up in Mumbai in the second half of 2017 followed by Bengaluru, Goa, Chennai, Pune, and Kolkata.
The expansion of India Sotheby’s International Realty, led by scion of the Dabur family, Amit Burman, would entail setting up Company Controlled Offices with an experienced local Institutional operator in the respective cities.
The 25-member team, that is now set to expand rapidly, has experts and professionals drawn from private banking, luxury real estate, art and lifestyle businesses.
Sotheby’s International Realty has announced signing a 25-year exclusive master franchise agreement for all India, with Realpro Realty Solutions. The announcement signals exponential growth in the brand’s India footprint, following the two years’ journey of its North India franchise that was awarded in August 2014, in New Delhi.
India Sotheby’s International Realty will focus on the luxury residential real estate market in key cities like Mumbai, Bengaluru, Chennai, Pune, Goa and Kolkata, in addition to New Delhi-NCR.
“The Indian luxury real estate market is growing rapidly and it was the right time for our brand to expand its presence within the country,” said Philip White, President and Chief Executive Officer of Sotheby’s International Realty Affiliates LLC. “Ashwin Chadha, Amit Goyal and their team have been a prime example of the Sotheby’s International Realty brand over the past few years. Expansion into the rest of India was one of our core objectives for the year and we are proud to have them at the helm of this venture.”
“The Real estate sector has been witnessing a spate of fast paced reforms. We predict a more evolved and transparent future for Indian real estate, with quality Indian developers striving to meet the demands of customers and creating a differentiated experience of transacting business in a highly professional manner. With all these transformations in the sector, we believe, this is the perfect time for us to grow the brand nationally,” said Amit Goyal, CEO, India Sotheby’s International Realty.
The Sotheby’s International Realty global network has over 20,000 independent sales associates in around 880 offices across 70 countries and territories. In 2016, the brand achieved a global sales volume of $95 billion.