Sotheby’s India unit facilitates sales of Rs 2,100 cr luxury properties in 2021

New Delhi: India Sotheby’s International Realty has facilitated sales of luxury properties worth USD 280 million (around Rs 2,100 crore) last year, a 47 per cent jump as compared to 2020, on the back of higher demand of residential assets.

India Sotheby’s International Realty sold 182 luxury properties worth USD 280 million during 2021 as against 102 properties valued at USD 190 million in the previous year, it said in a statement. The growth in sales of properties in value terms stood at 47 per cent; while in volume, it was 78 per cent. “The year 2021 marked a headline shift in luxury home buying in India. We clocked another extraordinary year.

“Our India footprint expanded across five cities, with a 66-member team. We registered a 30 per cent year-on-year growth,” said India Sotheby’s International Realty CEO Amit Goyal. The company did not disclose its revenue from brokerage income during the last year. Goyal highlighted that the company concluded more than a dozen transactions valued at over USD 10 million.

He said the company concluded one of the highest value transactions in Goa at USD 15 million, for an extraordinary beach facing villa. Bor n from the rich heritage of the Sotheby’s Auction House, Sotheby’s International Realty has a presence in 79 countries and territories with 1,000 offices and 25,000 sales associates.

It achieved a record real estate global sales volume of USD 204 billion in 2021. Sotheby’s International Realty established its presence in India by setting up its first office in New Delhi in July 2014. “Real estate has become a hot investment in 2021,” said Philip White, president and CEO of Sotheby’s International Realty. On the Indian luxury realty market, Goyal has a bullish outlook on luxury home prices.

“We are at the start of a secular price rise since price rise follows a rise in volumes if not along with it,” he said. (PTI)