India Sotheby’s Realty sees 50% YoY jump in gross sale property turnover in FY23
India Sotheby’s International Realty recorded a 50 per cent annual jump in the gross sale property turnover in FY 2023, with sales value of real estate transacted in the year at $450 million.
The firm, which focuses primarily on luxury residential sales and large capital market property transactions, is targeting a sales transaction turnover of $1 billion in FY24 with an expanded presence in Delhi NCR, South India, and Goa.
In FY23, the firm saw a 30 per cent rise in its property inventory in the country, which is currently valued at over $1 billion.
Managing Director Amit Goyal attributed the growth to pent-up demand for a lifestyle upgrade and the company’s own efforts.
“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,” he said.
South and central Delhi, North Goa, and Mumbai were among the top markets for sales and listings, with most of the homes sold being independent bungalows and ultra-luxury floors in resale, it said.
Some of the marquee sales achieved in FY23 include a Kautilya Marg bungalow that was listed at ₹150 crore, luxury floors at Malcha Marg valued at ₹80 crore, two farmhouses on the outskirts of South Delhi with listing prices of ₹110 crore and ₹85 crore, a bungalow at Friends Colony West with a listing price of ₹70 crore, luxury floors at Golf Links with a listing price of ₹70 crore, a villa in Goa listed at ₹42 crore, and a super luxury flat in Mumbai’s Bandra West with a listing price of ₹45 crore.
The luxury real estate broker firm expanded its staff strength by over 40 percent during the year and now has a team of over 80 professionals from private banking, luxury, hospitality, and real estate. The firm now has a strong presence and coverage in five Indian cities: New Delhi, Mumbai, Kolkata, Bengaluru, and Goa, along with Colombo in Sri Lanka. It is also hiring senior talent and boutique outfits across all offices.
Going forward, the firm is evaluating options in the real estate fractional ownership and alternative investment fund segments.