Sotheby's realty arm enters India

NEW DELHI: Betting big on Indian realty, Sotheby's International Realty Affiliates LLC — a group company of global auction house Sotheby's International — has signed an exclusive agreement with Delhi-based real estate consultancy firm RealPro to develop its brand in India by setting up a brokerage firm.

North India Sotheby's International Realty is set to start operations in New Delhi from September 2014. Later, it will expand to Gurgaon, Noida, Chandigarh and Jaipur.

"India is one of the most exciting, beautiful and fastest growing markets in the world, with a developing luxury real estate market," said Philip White, president and chief executive officer, Sotheby's International Realty Affiliates LLC.

"Expansion into India was one of our core objectives for this year," MD of the Asia Pacific region for the brand Sotheby's International Realty Affiliates, Paul Boldy, said.

"The luxury residential real estate market in India is about to witness expansive growth and the Sotheby's International Realty brand will meet the needs of high net-worth individuals internationally. India's luxury residential market is poised to grow rapidly, supported by strong economic growth. We are in an ideal position to lead this growth," Amit Goyal, co-owner, CEO of RealPro, said.