India Sotheby to expand in Sri Lanka property market

India Sotheby's International Realty, which is into advisory services for luxury properties, has signed an exclusive master franchisee to expand Sotheby's brand in Sri Lanka.

The company, an exclusive master franchisee of US-based Sothebys International Realty, will do business as Sri Lanka Sotheby's International Realty.

The Sri Lanka business will be led by India Sotheby's International Realty's CEO Amit Goyal and President Ashwin Chadha.

"Sotheby's International Realty Affiliates LLC has signed a 25-year exclusive agreement with India Sotheby's International Realty, to further expand the Sotheby's International Realty brand in Asia with its first office presence in Sri Lanka expected in April 2018," the company said in a statement.

Philip White, President and CEO of Sotheby's International Realty said that Sri Lanka is an attractive market for the brand.

Recently, India Sotheby's raised USD 2 million from high net worth individual to expand its operations in Bengaluru, Kolkata and Gurgaon as it expects demand for premium housing to rise. Before that, it had entered into an equity deal with Bennett Coleman and Company Ltd (BCCL) worth USD 7 million.

Sothebys is a 270 year old world-renowned brand that is synonymous with luxury, with interests in areas like auction, diamonds, wine and real estate.

Sothebys International Realty operates a global network of over 21,000 agents across 71 countries with 900 offices with a unique online platform to support. In 2016, the brand achieved a record global sales volume of USD 95 billion.