MADISON, New Jersey and NEW DELHI, April 13, 2017 /PRNewswire/ -- today announced it has signed a 25-year exclusive franchise agreement with Realpro Realty Solutions Private Limited to further expand the Sotheby's International Realty® brand presence throughout India with the opening of India Sotheby's International Realty. The brand's existing affiliate in India, North India Sotheby's International Realty, which commenced operations in October 2014 in New Delhi, will work cooperatively with and also now do business as India Sotheby's International Realty.
India Sotheby's International Realty is led by Chief Executive Officer Amit Goyal, President, Ashwin Chadha and Honorary Chairman, Amit Burman. With this expansion, India Sotheby's International Realty will focus on the luxury residential real estate market in the key cities of Mumbai, Bengaluru, Chennai, Pune, Goa and Kolkata, while continuing to serve the New Delhi market. An office in Mumbai is planned to open in the second half of 2017.
"The luxury real estate market in India is growing rapidly and it was the right time for our brand to expand its presence within the country," said Philip White, president and chief executive officer of Sotheby's International Realty Affiliates LLC. "Ashwin Chadha, Amit Goyal and their team have successfully introduced the Sotheby's International Realty brand to North India over the past few years. Expansion into the rest of India was one of our core objectives for the year, and we are proud to have them at the helm of this venture."
"With the success of North India Sotheby's International Realty, it was a natural progression to expand our footprint in India," said Goyal. "The real estate sector is at the cusp of reform and transformation with implementation of policy changes. India's luxury housing segment has a promising future, which has encouraged many reputable real estate developers to launch residential projects with state-of-the-art amenities. Being a part of the Sotheby's International Realty brand allows us access to unparalleled luxury marketing platforms for these high-end developments, an excellent recipe for a successful business operation."
Chadha additionally stated, "With over 30 million Non-Resident Indians investing back into India, the timing for the expansion of India Sotheby's International Realty is ideal. The team on the ground is committed to delivering the highest level of service and expert real estate advisory to those interested in the Indian luxury residential real estate market."
The Sotheby's International Realty network currently has more than 20,000 affiliated independent sales associates located in approximately 880 offices in 66 countries and territories worldwide. In 2016, the brand achieved a record global sales volume of $95 billion USD. India Sotheby's International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.
About Sotheby's International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby's International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit http://www.sothebysrealty.com.