India Sotheby’s International Realty clocks record sales in India & Sri Lanka

India Sotheby’s International Realty concludes over 50 transactions of million-dollar +homes in India and Srilanka, in the last 12 months, despite the pandemic lockdown. Top markets of sales include Lutyen’s Delhi, North Goa, and Colombo. Most of the million-dollar ho

BY Realty Plus
Published - Monday, 23 Aug, 2021

India Sotheby’s International Realty clocks record sales in India & Sri Lanka

India Sotheby’s International Realty concludes over 50 transactions of million-dollar +homes in India and Srilanka, in the last 12 months, despite the pandemic lockdown. Top markets of sales include Lutyen’s Delhi, North Goa, and Colombo. Most of the million-dollar homes sold are independent bungalows, ultra-luxury floors in resale. Among them, Sapphire Residences, serviced apartments by ITC Hotels in Colombo is one of its kind. Sale in first quarter for Sapphire has been over $10 million. Globally, the Sotheby’s International Realty has recorded a 100% plus jump in sales transaction volume in the first six months of calendar 2021, compared to H1, 2020. “This spectacular growth has come on the back of Sotheby’s International Realty delivering a transaction sales volume of $150 bn in 2020. Historically, we have witnessed that price rise is either along with or followed by increase in property sales volume. We feel that this is just the beginning of the trend for the luxury residential market in the India & Sri Lanka region and excited about the strong sales in Sapphire Residences” said Mr.Ashwin Chadha, Founder & President, India Sotheby's International Realty. “Customers profile for luxury homes marketed exclusively by India Sotheby’s International Realty include large business families, CXOs, professionals and start-ups founders. While a majority of the buyers are Indians, a considerable percentage is NRIs based out of USA, EU, and Asia Pacific. Demand is much higher than supply in the Indian ultra-luxury residential market today. Most of the buyers buying properties in India are taking advantage of the lower mortgage rates, an all-time high equity market. Some of them are reinvesting to save capital gains from sale of equity shares or stake in a start-up or property,” Ashwin Chadda added.