 "Forbes Global enters India realty; will build projects, offer consultancy")
US-based Forbes Global Properties on Wednesday announced its foray into the Indian real estate market to offer brokerage services for luxury homes and also build two projects covering 10 million square feet in Mumbai and Delhi in tie-up with landowners.
Formed in December 2020, Forbes Global Properties entered India through membership network model. It already has a presence in 26 countries where 17,000 agents are providing real estate services to clients.
Indian venture 'India Forbes Global Properties' will pay membership fee to the global firm. A K Sharma will be the Chairman of the Indian venture.
"India is a big economy and big market. We have entered into India to provide outstanding services to our clients who want to buy and sell luxury properties," Forbes Global Properties CEO Michael W Jalbert told reporters here.
"India as a nation is a beacon of opportunity, and Forbes is very excited to be a part of this journey," he said, but did not disclose the investment the company would put in India.
India Forbes Global Properties will provide brokerage services for the luxury residential segment and is looking at buying equity stakes in at least two such consultancy firms, Sharma said.
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Besides housing brokerage, the Indian venture will also offer other services related to real estate, including advisory, asset management and financial services.
India Forbes Global Properties FGP has also tied up with PE Analytics and will be jointly doing 100 acres of development and management.
Sharma informed that the company would also execute projects under development management model.
To start with, India Forbes Global Properties would develop 100 acre mixed use project in Navi Mumbai in partnership with Orange Smart City, which is developing 1,200 acre integrated townships.
It is also in talks to develop a 7-acre commercial project near the Delhi Airport.
"We will be buying stakes in at least two real estate brokerage firms this year," India Forbes Global Properties Chief Business Officer Sanjay Kackar said.
Forbes Global Properties' membership is the invitation-only network reserved for the most distinguished brokerages in select cities and second-home destinations, representing many of the world's finest homes for sale.
Indian venture will connect high-net-worth individuals, investors, and real estate enthusiasts with some of the most coveted and distinctive properties in the country.
"India was once called the crowning jewel of the world. It's now back to where it was. Forbes is delighted to foray into the Indian real estate market, and we come here with a promise to bring ultra-luxurious living to India," Matt Beall, Board Chair of Forbes Global Properties, said.
Leveraging Forbes' worldwide reach and digital audience of more than 140 million people, Forbes Global Properties introduces discerning buyers, sellers, and real estate aficionados to a curated collection of coveted properties.