Despite the pandemic induced lockdown, India Sotheby’s International Realty has concluded over 50 transactions of million-dollar-plus homes worth $300 million in India and Sri Lanka, in the last one year. Top markets of sales include Lutyen’s Delhi, North Goa, Sunder Nagar and Colombo.
Most of the million-dollar homes sold are independent bungalows, ultra-luxury floors in resale. Among them, the sale of Sapphire Residences, serviced apartments by ITC Hotels in Colombo has been over $10 million in the first quarter. Globally, 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, the international consultancy said.
“This growth has come on the back of Sotheby’s International Realty delivering a transaction sales volume of $150 billion 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 and Sri Lanka region and excited about the strong sales in Sapphire Residences,” said Ashwin Chadha, founder and president, India Sotheby's International Realty.
Sapphire Residences Colombo includes 132 luxury apartments and penthouses overlooking the Indian Ocean. Among all the projects, Sapphire is the only one ahead of its timeline or in line with its schedule, it said.Also Read: Why Sunder Nagar continues to be the ultimate address of the uber-rich in Delhi
Customers profile for luxury homes marketed 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 the US, the EU, and the 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,” said Chadda.