Sotheby's Sees An Urgency Among India’s Wealthy To Buy Luxury Homes

0
126

As the first wave of coronavirus infections surged towards a record in July last year, forcing most Indians indoors, Sotheby’s International Realty brokered the sale of a bungalow worth more than Rs 100 crore in Kolkata. More than 3,700 square yards of luxurious living space designed for a single family.

“For the Kolkata market, the price tag of Rs 100 crore is a big number,” Amit Goyal, chief executive officer at the local property consulting unit of 277-year-old eponymous auction house, told BloombergQuint over the phone. “We have done maybe over a dozen transactions worth $10 million (Rs 73 crore) and above in Delhi, Mumbai and Kolkata.”

The demand underscores a growing desire among India’s ultra-wealthy, professionals and startup founders to buy luxury farmhouses, bungalows, villas, penthouses, and plush apartments. According to Sotheby’s, dealing in properties with an average ticket size of more than $2.5 million (over Rs 15 crore), the nation’s super-rich are the fourth-largest buyers of luxury real estate after their peers in the U.S., China, and Germany.

Sotheby’s, having entered India’s luxury housing consulting market in 2014, typically facilitated 35-40 transactions every three months. But the first two quarters of FY21 were sluggish because of the pandemic. Then, things started improving as the economy reopened gradually.

Continue Reading. Read more on Business News by BloombergQuint.

Source

Leave a Reply