 "India Sotheby's Int'l Realty clocks record deals worth $450 mn in FY23")
India Sotheby’s International Realty announced a year-on-year growth of over 50 per cent on Tuesday, in gross property sales for FY23.
The sales value of real estate transacted for FY23 stood at $450 million (about Rs 3,700 crore). Last financial year, it had facilitated property deals worth $300 million, it said in a statement.
The firm, which focuses primarily on luxury residential sales and large commercial deals, grew its stock of property by over 30 per cent. The inventory currently stands at over $1 billion.
South & Central Delhi, North Goa, and Mumbai are among the top markets for sales and listings, with most of the homes sold being independent bungalows and ultra-luxury floors in resale, according to the company.
Some big ticket sales achieved in FY23 include a Kautilya Marg bungalow, listed at Rs 150 crore, luxury floors at Malcha Marg (Rs 80 crore), two farmhouses at the outskirts of South Delhi (Rs 110 crore and Rs 85 crore), villa in Goa (Rs 42 crore), and a super luxury flat in Mumbai’s Bandra West (Rs 45 crore).
Stepping into its 10th year of operation, the company has designated Amit Goyal as managing director for India, Sri Lanka and Maldives. Ashwin Chadha has been designated CEO of the region.
More From This Section
The company grew its workforce by over 40 per cent and currently has 80 professionals from private banking, luxury, hospitality and real estate.
The firm has a strong presence in New Delhi, Mumbai, Kolkata, Bengaluru and Goa, and in Colombo in Sri Lanka.
Amit Goyal, managing director, India Sotheby's International Realty, attributed the company's growth to pent-up demand for lifestyle upgrades.
“In our recent annual survey, 61 per cent of HNIs and UHNIs said that they continue to find real estate to be an appealing investment option in FY24. 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," Goyal said.
Goyal added that the realty firm is targeting a sales transaction turnover of $1 billion as it steps into its tenth year of operations, with an expanded presence in Delhi NCR, South India, Goa.
Other notable business highlights for FY23 include a strategic investment in prop tech firm CRE Matrix, with an acquisition of 12 per cent equity, it said.
An offshoot pg the Sotheby's Auction House, the company has its presence in 81 countries and territories with 1,075 offices and 26,000 sales associates. It has achieved real estate global sales of $167 billion. India Sotheby's International Realty established its presence in July 2014.