Sotheby’s International Realty recently hosted a Roundtable Discussion on the International Luxury Real Estate Scenario & Outlook for India at The Leela Palace, Chanakyapuri, New Delhi, with Philip White, President and C.E.O. Sotheby’s International Realty Affiliates LLC, Dr. Paul R Boldy, Managing Director-Asia Pacific, Sotheby’s International Realty Affiliates LLC, Amit Burman, Honorary Chairman, North India Sotheby’s International Realty, Ashwin Chadha, President, North India Sotheby’s International Realty and Amit Goyal, CEO, North India Sotheby’s International Realty. The endeavour was to assess the potential of the international and Indian Real Estate industry, and they shared their insights on the prevailing market trends in luxury real estate globally with a special focus on India.
Last year June, the RBI revamped its Liberalised Remittance Scheme (LRS) for resident individuals, and increased the limit from USD 125,000 to USD 250,000, which allowed Indians to invest in properties abroad. There is also a significant rise in foreign investment in Indian Real Estate. In such a scenario, it is not surprising that Sothebhy’s International Realty is bullish on India. The interaction at the event revolved around the growing Luxury Real Estate market within India, NRI investors and the increasing tribe of Indian investors in international real estate. Philip White, President and CEO, said, “Northern India is home to one of the fastest developing luxury real estate markets in the world”
North India Sotheby’s International shared the collated data, which revealed that India has the fourth largest number of millionaires in Asia Pacific region. The UHNI count in the country in 2015 was at 137,000 and expected to touch 348,000 by 2020, with a combined net worth of Rs 415 trillion. A record 50% of India’s UHIs and HNIs have foreign real estate in their portfolios. In 2014, Indian UHNIs invested USD 7.9 billion in luxury homes in US and GBP 1 billion in London on luxury homes. Indians have invested more than $2 billion in the Dubai real estate in the first half of 2015.
North India Sotheby’s International Realty is the Indian arm of the global Sotheby’s International Realty network and caters to the luxury real estate demand of resident and Global Indians.
Tags : Sotheby’s International Realty, North India Sotheby’s International Realty, Luxury Real Estate, NRI, Dubai, LRS, RBI