India Sotheby’s International Realty (India SIR) 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” saidMr.Ashwin Chadha, Founder & President, India Sotheby’s International Realty.
SapphireResidences Colombo includes 132 luxury apartments and penthouses boasting panoramic view of the Indian Ocean. Sapphire Residences are not just luxury apartments; they are ‘homes in the sky’ in which residents can enjoy the enormous living areas, leisure amenities, and 5-star services. These homes echo the spirit of vertical living, built on a level of luxury, comfort, security, and privacy for the entire family.
Among all the projects, Sapphire is the only one ahead of its timeline or in line with its schedule. India SIR ‘s wholly owned subsidiary, Sri LankaSotheby’s International Realtyhas been screening buyers and offering on selective basis. It is the only developer that has been on time. Sapphire has added to the skyline of Colombo. It has been inaugurated by Phillipe Starck, renowned French industrial designer and architect, in person.
The kind of customers buying the luxury homes includescity home buyers, looking for larger
spaces to re-organise their lives post Covid. A healthier, more well-rounded lifestyle is what the wealthy buyer is looking for. Homes that can gave dedicated spaces for a private gym, cinema, and officeare the most sought. Then there are holiday home buyers – realising the importance of having a plan B in place, in case of another pandemic wave or any natural calamity, when travel and escapes would become difficult due to the quarantine and travel restrictions.
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 ofthe 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.
About India Sotheby’s International Realty
Born from the rich heritage of the Sotheby’s Auction House, Sotheby’s International Realty (SIR) is an iconic global brand, with a legacy of quality service and unmatched expertise. The SIR network is present in 75 countries and territories with 1000 offices and 24,000 sales associates and has achieved a record real estate global sales volume of $150 Billion in the year 2020.
The brand established its presence in India by setting up its first office in New Delhi in 2014. It now has offices in Mumbai, Kolkata, Colombo, and the mandate for the Maldives. The team in India comprises of senior private bankers and experts from real estate, hospitality and luxury goods industries who have lived and worked in various parts of India and abroad, bringing a wealth of experience which has won the trust of an affluent and exclusive clientele.