India Sotheby’s International Realty (India SIR), which focuses primarily on luxury residential sales and large property transactions, on April 11 announced growth of over 50 percent in the gross property sales turnover for FY 2023 over FY 2022.
The sales value of real estate transacted in FY 2023 stood at $450 million against $300 million in the previous year
Amit Goyal, India SIR's Managing Director for India, Sri Lanka and Maldives, said investors have also returned to the market.
According to CEO Ashwin Chadha, out of the total property transactions, around 92-93 percent were in the residential segment while the rest are in commercial properties and capital market property transactions.
He said that 85 percent of the transactions concluded by the company were secondary or resale property transactions.
Up to 60 percent of the transactions were in the Delhi-NCR market followed by Mumbai, Goa, Kolkata and Bengaluru. International markets contributed around 10 percent to the business.
Some of the marque sales achieved in FY 23 include a Kautilya Marg bungalow which was listed at Rs 150 crore, luxury floors at Malcha Marg listed at Rs 80 crore, two farmhouses on the outskirts of South Delhi with listing prices of Rs 110 crore and Rs 85 crore, a bungalow at Friends Colony West with a listing price of Rs 70 crore, luxury floors at Golf Links with a listing price of Rs 70 crore, a villa in Goa listed at Rs 42 crore and a super luxury flat in Mumbai’s Bandra West with a listed price of Rs 45 crore.
The company also said that in its tenth year of operation, it grew its workforce by over 40 percent with the current team of around 80 professionals from private banking, luxury, hospitality and real estate. It now has a strong presence in five Indian cities -- New Delhi, Mumbai, Kolkata, Bengaluru and Goa, along with Colombo in Sri Lanka.
It is targeting a sales transaction turnover of $1 billion, with an expanded presence in Delhi NCR, South India and Goa.
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.
"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,” said Goyal.
“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,” said Chadha.
The company's other business highlights for FY23 include a strategic investment in prop tech firm CRE Matrix, with an acquisition of 12 percent equity, and the acquisition of an experienced architecture and design firm, jointly led by Arjun Sodhi and Tania Bhatia.