- First ever public platform in India for sales and auctions of prime residential properties
- The only service focused on marketing Indian luxury properties on a national and global platform
- Building greater transparency and professionalism in the market through public auctions, published prices and detailed information about properties
- Launching with a catalogue of seven properties for sale on Saffronart’s flagship website at www.saffronart.com
With the residential real estate market in India showing clear signs of recovery by the end of 2009, the luxury residential sector has also undergone a marked revival.
Aiming to be at the forefront of innovation and customer service during this period of resurgence, Cushman & Wakefield, the largest privately held fully-integrated real estate services firm in the world, and Saffronart, India’s leading auction house have announced a strategic alliance to deliver the next generation in real estate marketing for premium residential and vacation homes across India.
Through this new initiative, Prime Properties, Saffronart and Cushman & Wakefield will offer a trusted online sales and auction platform to the premium residential market giving owners an opportunity to realize appropriate value for their assets while allowing some of the most exclusive luxury homes to be made available for sale.
Leveraging Saffronart’s online presence and global reach, along with the sector intelligence and expertise of Cushman & Wakefield, Prime Properties aims to offer clients around the world a selection of the most exclusive properties available for sale in India – both new properties in the primary markets, as well as the best properties for resale. The alliance would add a new dimension to real estate marketing through an advanced technology platform for online marketing, sale and auctioning and a wide network of buyers and sellers comprising both an Indian audience and the global Indian diaspora.
The launch of this partnership coincides with the first quarterly catalogue – in print and on www.saffronart.com - of seven distinctive properties available for sale. The catalogue includes luxury apartments in premium residential areas of Mumbai, New Delhi, Gurgaon and Bangalore, in addition to a lush holiday estate in Alibaug and a secluded villa getaway in Rishikesh.
The recent real estate market recovery in India has given an impetus to not only the primary housing segment, with an increased focus by developers in launching high–end projects, but also to prime residential in the secondary market. Despite restrained availability in the secondary market for premium housing, there are some exclusive prime opportunities that cater to strong demand from high-end customers, who are extremely conscious of their requirements and require the highest standards, not only in the product but also in service levels. As per C&W market research, the residential market witnessed stability or marginal correction in the range of 2-10% in the high end capital values across major locations over last year. The demand for this niche segment however is still strong; yet the segment needs a unique marketing strategy to realize its true potential. Encouraged by positive demand many developers have shown renewed attention towards the super luxury residential segment. A recent C&W research report estimated approximately 9,000 homes in this segment are planned in major cities over the next 2-4 years. Innovative marketing is key in distinguishing these super-luxury developments from other similar products whilst ensuring targeted reach to the audience of global affluent Indians.
Speaking about Prime Properties, Dinesh Vazirani, CEO and Co-founder of Saffronart, noted, “Our partnership is geared to redefine the luxury residential real estate market through a unique approach to marketing properties locally and globally. Our combined expertise will allow buyers and sellers access to quality products and audiences, and a transparent process for acquisition and disposition of residential real estate. The newly released catalogue of exclusive properties is valued at approximately Rs. 100 crores.”
The online platform affords advantages to both buyers and sellers. Property owners benefit by understanding market demand, having an opportunity to showcase their home or property to a larger base of serious buyers in a manner befitting their premium aesthetic, and being able to realise appropriate value for their premium properties. Similarly, buyers are also at a great advantage as online auctions provide open access and information and ensure each property is purchased at a fair market value. Another significant benefit for both buyers and sellers is participation in a process with a defined start and end.
“This partnership, the first of its kind in India, is an innovative step within the residential services sector and will help us better position ourselves to provide continued success in one of the fastest growing industries in India,” said Anurag Mathur, Managing Director, Cushman & Wakefield India.
“Given the vast growth potential that India’s premium housing sector offers, this combined force will give us a significant advantage and further strengthen our abilities to meet the increasingly complex needs of our clients,” Mr. Mathur added.
All properties selected for the Prime Properties catalogue are identified through a meticulous process of assessment, and must meet with several selection criteria relating to exclusivity and quality.
In addition to a lavish print catalogue published every quarter, available properties will be listed on the Saffronart website on an ongoing basis, along with professional photographs, descriptions, amenity highlights, floor plans and location profiles, to provide prospective buyers across the globe with access to information on each apartment, house or estate. By offering detailed information in the Prime Properties catalogues, Saffronart and Cushman & Wakefield aim to make this one of the leading sources of information in the market.
Saffronart, the world’s leading auction house for Modern and Contemporary Indian Art has tied up with Cushman Wakefield to announce its foray in the real estate online auction business. Cushman Wakefield is a global specialist providing real estate solutions to home buyers and sellers. This will be a unique partnership that will focus on the online auction of some of the finest and most premium properties available in India. Saffronart will utilize the auction technology platform to put the properties on auction, while Cushman Wakefield will conduct the task of sourcing properties, collation of data and post sale procedures.
Saffronart has completed a decade of successful operations in the Online Art Auction business and will utilize the superior auction technology platform putting the most premium of properties on offer. Bidders can bid with the same level of transparency coupled with privacy as afforded through its highly anticipated art and jewelry auctions. Using Saffronart’s robust auction platform, buyers and participants can experience a seamless bidding experience from anywhere in the world.
About Saffronart
A global company with deep Indian roots, Saffronart was founded in 2000 on the strength of a private passion. Remaining committed to this passion and personal values, today Saffronart is a strong and successful international business that both embraces and drives change.
With ten years of experience in auctioning Indian art online, Saffronart is committed to serving the growing community of Indian collectors, while also creating a cultural bridge to India for both the global Indian diaspora and the international community at large. Providing a platform that enables access to view, purchase and become involved in the development of Indian art and jewelry globally, Saffronart has set global benchmarks for online auctions and was recently the subject of a case study at Harvard Business School. In October 2008, Saffronart extended its unique online auction platform to host its inaugural sale of Fine Jewels and Watches, adding a new dimension to its online and market presence.
This spring, Saffronart has leveraged its online presence and global reach to introduce a new product – Prime Properties. Through print and online catalogues of luxury city apartments and holiday homes for sale, Prime Properties offers clients a selection of the most exclusive properties available in India.
With online auctions, a host of technology enabled services for clients, and a global presence in Mumbai, New York and London, Saffronart has broadened and simplified access to Indian art and jewelry, and is working to achieve the same for real estate. Also involved with various institutions, organizations and publications, the company is driven by an endeavour to provide accurate and timely information on Indian artists, designers, events and trends.
About Cushman & Wakefield
Cushman & Wakefield is the largest privately held fully-integrated real estate services firm in the world. Founded in 1917, it has 230 offices in 58 countries and more than 15,000 employees. Cushman & Wakefield is involved in every stage of the real estate process, from strategy to execution. The firm represents clients in buying, selling, financing, leasing, managing and valuing assets, and provides strategic planning and research, portfolio analysis, site selection and space location services.
Cushman & Wakefield commenced its India operations in 1997 and today has grown to over 800 employees across our offices based in New Delhi, Gurgaon, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata. The first international real estate service provider to have been granted permission by the Government of India to operate a wholly-owned subsidiary, Cushman & Wakefield India is strategically poised to service the varied needs of clients throughout the Indian sub-continent.
It offers a full range of real estate services combining local expertise and experience with technology and standards of service that are well-established and consistent across all Cushman & Wakefield's offices worldwide. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Centre at www.cushmanwakefield.com
