Sotheby’s International Realty, the real estate arm of the auction house Sotheby’s, said it is expanding its presence in the domestic market with offices in top eight metros. Even as the company plans to open its Mumbai office by mid-2017, it also plans to add two more India desk targeting Indian diaspora in Canada and Singapore.
“Unlike other property consultants, our focus is totally on the luxury real estate. Hence, our client is an HNIs from metro cities. Our client base also includes 20-25 million non-resident Indians. We cater to both these audiences,” Ashwin Chadha, President, Sotheby’s International Realty, told BusinessLine.
Earlier this month, Sotheby’s International Realty had signed a 25-year master franchise agreement for all-India, with Realpro Realty Solutions Pvt Ltd.
In India, Sotheby’s International Realty is led by scion of the Dabur family Amit Burman, who is the Honorary Chairman, while Amit Goyal is the CEO, and Ashwin Chadha is the President.
Chadha said that the company currently has three India desk in cities such as London, Dubai and the US. “We are looking at expanding the India desk in countries like Canada and Singapore,” he added.
In India, Sotheby’s International Realty will focus on the luxury residential real estate market in key cities such as Mumbai, Bengaluru, Chennai, Pune, Goa and Kolkata, in addition to New Delhi-NCR.
“We have been in operation since 2014. Recently, we have got a 25-year-old franchise for rest of India for Sotheby’s Realty. Metros are low hanging fruits and we have plans to set up office in major metros”.
Chadha said that the company will utilise its global network of 880 centres in 70 countries. “In addition to the brick and mortar, we are complemented by Sotheby’s international.com which attracts two million visits by HNIs,” he added.
Asked about the company’s revenue stream, Chadha said that it makes its revenues from the transaction advisories. Additionally, it also provides marketing support to developers and earns a commission from such associations.
On whether, it plans to use the online platform, Chadha said that the company may leverage on the global parent’s expertise.
“Our portal has over 50,000 listing and we are also looking to facilitates transactions,’ he added.