India Sotheby’s International Realty (India SIR), on April 11, 2023, announced the key financial updates for FY23. The real estate firm’s gross sale property turnover grew by 50% from $300 million in FY22 to $450 million in FY23. The combined value of property listings currently stands at over $1 billion, marking an YoY increase of more than 30% in the property inventory.
South and Central Delhi, North Goa, and Mumbai emerged as the top markets for sales and listings for India SIR during FY23. Some of the marque sales achieved by the firm during the financial year include a Kautilya Marg bungalow which was listed at Rs 150 crore, luxury floors at Malcha Marg listed at Rs 80 crore, two farmhouses at the outskirts of South Delhi valued at Rs 110 crore and Rs 85 crore, a bungalow in Friends Colony West listed at Rs 70 crore, luxury floors at Golf Links valued at Rs 70 crore, a villa in Goa listed at Rs 42 crore, and a super luxury flat in Mumbai’s Bandra West listed at Rs 45 crore.
Beginning its 10th year of operation, India SIR has designated Amit Goyal as the managing director for India, Sri Lanka and Maldives and Ashwin Chadha as the CEO for the region. Additionally, the firm grew its workforce by over 40% with a current team of around 80 professionals. It is targeting a sales transaction turnover of $1 billion during the current financial year.
Amit Goyal, managing director, India SIR, said, “Large business families, CXOs, professionals, and start-up founders looking for a bespoke lifestyle make up the customer profile for luxury homes marketed exclusively by India Sotheby’s International Realty. In our recent annual survey, 61% of HNIs and UHNIs said that they continue to find real estate to be an appealing investment option in 2023-24. The commercial vertical of our business is also getting stronger, and we have added a compelling value proposition for our clients with our design and architecture practice. I anticipate that we should be able to touch a target of $1 billion of gross sales property turnover, as we conclude our 10th year of operations in the region, in FY24.”
Ashwin Chadha, CEO, India SIR, said, “The company recognizes the importance of having a professional, highly skilled, and diverse team that can bring valuable insights and expertise to the table for the discerning wealthy client. We are also on the lookout for aligned businesses and verticals to invest in as a strategic partner, or to venture into some of them by ourselves. We are excited about the opportunities that will emerge in India, as it goes on to become the world’s third largest economy by 2030.”
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