The India Sotheby’s International Realty held its third Global Luxury Realty Conclave (GLRC 2019) in association with the Confederation of Indian Industry (CII), at ITC Maurya, New Delhi. The Conclave was a two-day affair at ITC Maurya, New Delhi on February 22 and 23, 2019.
With the Indian real estate sector and its stakeholders experiencing fast-paced developments brought about by recent significant policy changes that have impacted the sector, there was an urgent need to generate updated knowledge and information about both the domestic and overseas real estate markets.
The third edition of the conclave comprised of conferences as well as exhibitions that brought together industry stalwarts, policymakers, HNIs, thought leaders and experts, for a holistic perspective on the luxury real estate sector.
The Chief Guest for the conference was Dr. Rajiv Kumar, Vice Chairman NITI Aayog who spoke in detail about the need to help the Indian Real Estate market grow, which is predicted to double its contribution to the Indian GDP from 7% by 2040 and become a $650 billion market.
The day also saw a Lifetime Achievement Award being presented to Mr. P R S Oberoi, Chairman, Oberoi Hotels Group for his contribution to Global Luxury Hospitality and putting Indian hotels on the global map.
The morning saw Julie Leonhardt La Torre, COO, Sotheby’s International Realty speak in detail with the audiences, apprising them of changes in global real estate and about the potential of the Indian market and its growth.
With sessions moderated by Manisha Natarajan, Anindita Ghose, Namrata Kohli, Vir Sanghvi, Vikram Chandra, Almona Bhatia, and others, the sessions saw the biggest names in Indian Luxury come together including Puneet Chhatwal (MD & CEO, Taj Hotels Group), Ashish Sarin (CEO, Alpha Corp), Radhikaraje Gaekwad (Maharani of Baroda), Tara Singh Vachani (MD & CEO, Antara Senior Living), Samrath Bedi (CEO, Forest Essentials), Raul Rai (Co-founder & CEO, Nicobar), Raghavendra Rathore (Fashion & Lifestyle Designer), Devita Saraf (Founder & CEO, VU Technologies), Arun Pathak (MD, ITC Welcom Hotels, Sri Lanka), Kapil Chopra (Founder & CEO, The Postcard Hotel), Sanjay Kapoor (Founder & President, Genesis Luxury), Alex Kuruvilla (MD, Conde Nast India), Dinaz Madhukar (Executive Vice President, DLF Luxury, Retail and Hospitality), Tarana Sawhney (Chairperson, CII Task Force on Art and Culture), Stuart Reading (Senior Vice President, Group Property Development, Banyan Tree Hotels & Resort), Shivajirao Gaekwar (Deputy Director, Sotheby’s Auction India) and several others.
Sessions across two days focused on various aspects of luxury real estate such as NRI investments, global mobility, luxury consumption in modern times and an overall understanding of how luxury as a concept is evolving globally.
“The third edition of the Global Luxury Realty Conclave saw speakers and audiences from a cross section of the industry, from family offices, UHNIs, real estate and lifestyle. It was overwhelming for us to see the market come together to discuss the future of the luxury real estate industry in India. We hope that the conclave will reinstate India’s potential as a luxury market ” said Amit Goyal, CEO, India Sotheby’s International Realty.
Ashwin Chadha, President, India Sotheby’s International Realty said, “The panels at the conference brought together multiple stakeholders of the luxury market and the robust discussion spanned across topics not limited to real estate, but also marketing of products, building brands, government policies etc. We are hoping that the conclave will help open up various investment opportunities and has proven to be insightful to all the stakeholders.”
Some of the points covered over the two days included:
- Creating the culture of attraction: From sprawling palatial residences to smart homes, the new age demand for luxury experiences has seen a tech-driven evolution. This session highlighted the various strategies which marketers have brought on the table, to create the culture of attraction.
- Disruption as an opportunity: Disruptive technologies and business models have revolutionized businesses. Disruption can be a powerful stimulus for growth through opportunities for incumbents as well as for start-ups. The session took the audience through the exciting journeys of new age companies, thriving in ever-evolving economic scenarios using cutting edge technology.
- Borderless ties – Addressing the Global Indian: A special with Vikram Chandra in conversation with H.E. Nadir Patel (High Commissioner of Canada to India) and H.E. Arun Singh (Former Indian Ambassador to the USA).
- Luxury: The Changing Landscape: Luxury is an ever-evolving concept. A decade ago, luxury was defined by brands and possession of tangible goods with prominent logos. Today, luxury is all about experiences and lifestyle. This session discussed the new age definition of luxury and the importance of exclusive experiences, across sectors.
The Conference also saw the release of the report “Real Estate Overview 2019 – by India Sotheby’s International Realty”
India Sotheby’s International Realty is part of the of US – based Sotheby’s International Realty ®, which operates a global network of over 22,000 affiliates with 970 offices across 72 countries, dealing in luxury real estate properties. In 2017, the brand achieved record global sales volume worth USD 108 billion. Sotheby’s International Realty is part of Sotheby’s, a 274-year-old world renowned brand that is synonymous with luxury, serving the global clientele in acquisition and disposition of art and valued assets such as jewellery, wine, cars, watches as well as high end real estate
India Sotheby’s International Realty has offices in New Delhi, Mumbai & Kolkata and looking to expand its presence to other prominent cities in India. It has recently expanded its footprints to Colombo, Sri Lanka and has dedicated India Desks at Dubai, London, New York, Seattle and Toronto.