New Delhi: India Sotheby’s International Realty, which lists prime residential property, has started listing luxury apartments as sale of independent bungalows and villas has slowed down due to the COVID19 pandemic. Developers, who are unable to find buyer in Indian market, are also looking for international tie ups to market globally.
Although, many businessmen are looking to monetise the real estate assets listing bungalows ranging from Rs 50 crore to Rs 300 crore, but there are not enough takers and deal usually takes a year to conclude.
Sotheby’s International Realty’s ‘Keystone offering’ for marketing new developments has taken on board three luxury projects post lockdown, to keep the fund flow going. Since 2018, when it started the program in India, it has listed apartments from only four projects.
“We have recently tied up with The Leela Sky Villas and Raheja Revanta. Keystone has 200 developments across 30 countries and inventory of over $20 billion. We will be leveraging our marketing platforms, team of local and international sales professionals and the entire network of Sotheby’s International Realty,” said Amit Goyal, CEO, India Sotheby’s International Realty.
With pressure on margins and no visible upside on residential property prices, a rising number of real estate developers are outsourcing their sales and marketing duties to IPCs (International Property Consultancies), to cut recurring costs and link their outflows to sales inflows.