India Sotheby’s Hits Half-Century Of Million-Dollar Home Deals Despite Pandemic
NEW DELHI — Luxury real estate company India Sotheby’s International Realty (India SIR) has announced it closed over 50 million-dollar-plus home deals in India and Sri Lanka over the past 12 months despite the pandemic-induced economic slowdown.
The top markets included Lutyen’s Delhi, North Goa, and Colombo. Most of the million-dollar homes sold were independent bungalows and ultra-luxury floors in resale.
Among them was Sapphire Residences serviced apartments by ITC Hotels in Colombo. Sales in the first quarter for Sapphire were over $10 million.
Globally, Sotheby’s International Realty recorded a 100 percent-plus jump in sales transactions in the first six months of calendar 2021 compared to the first half of 2020 and a 110 percent growth in sales volume relative to the previous year.
The luxury real-estate company retained its top spot on REAL Trends “The Thousand” List in Individuals by Closed Sales Volume category. The list features the biggest players in the real estate industry, all ranked by sale volumes and transaction sides.
“This spectacular growth has come on the back of Sotheby’s International Realty delivering a transaction sales volume of $150 billion in 2020,” said Ashwin Chadha, Founder and President of India Sotheby’s International Realty.
“Historically, the price rise was witnessed either along with or followed by an increase in property sales volume. We feel that this is just the beginning of a trend for the luxury residential market in India and Sri Lanka,” said Chadha.
Demand is much higher than supply in the Indian ultra-luxury residential market. Most buyers are taking advantage of lower mortgage rates and an all-time high equity market, according to Chadha.
“Some of them are reinvesting to save capital gains from (the) sale of equity shares or stake in a start-up or property,” he said.
Sotheby’s International Realty network is present in 75 countries and territories with 1,000 offices and 24,000 sales associates. It achieved a record real estate global sales volume of $150 billion in 2020. This year so far, the company has a 30 percent share of voice by volume.
With India’s Reserve Bank of India leaving the interest rate at a record low early this month, the real estate industry is anticipating a surge in property-buying sentiment.
Home loans haven’t seen any remarkable uptick, but the retention of a low repo rate can be a beacon for investors to take advantage of the opportunity.
“Keeping interest rates benign will keep the housing momentum going,” said Amit Goyal, chief executive officer, India Sotheby’s International Realty.
(With inputs from ANI)
Edited by Amrita Das and Krishna Kakani