Sotheby’s International Realty Brand Expands Presence in India

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The Sotheby’s International Realty presence continues to grow as Sotheby’s International Realty Affiliates LLC 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.”

“It is with great pleasure that we welcome India Sotheby’s International Realty to this extraordinary network,” says Charles Oppler, COO and Co-Owner of Prominent Properties Sotheby’s International Realty. “We are extremely proud to be part of this global brand which helps us best represent our clients throughout Northern New Jersey by connecting them with audiences around the world.”

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.

From The Desk Of Charles Oppler…

From The Desk Charles (6)

The real estate market has taken off.  Multiple offers on homes, open houses with record numbers of visitors including one home last week with 46 different customers.  But wait, how is this possible if inventory is at an all-time low?  Well, what has changed is actually the “days on the market” for new listings.  In other words, many homes that come on to the market are actually sold and under contract within a few days.  Again, it makes it seem that inventory is low when actually in 2016, there were over 220,000 more sales in the United States.   

So why are many buyers still cautious?    Rising student debt has caused many homeowners to refinance to pay the bills of their children.  Consumer research still shows Millennials taking their time entering the buying market opting instead for the convenience of living in urban settings and paying high rents.  Concern over the tax reform discussion which could eliminate the Mortgage Interest Deduction (MID), rising interest rates, the delay in easing government regulations implemented with the 2010 Dodd-Frank Act.   Specifically, the Dodd-Frank bill is a regulatory act meant to add transparency to reform the financial system.  Instead, the result was stronger regulation making the borrowing process at times, harrowing.  The interpretation from some legislators to increase down payment requirements and finally, the Real Estate Procedures Settlement Act (RESPA) was modified to include more disclosures and actually restricting the defense lending institutions had to protect them as well.  Simply, the mortgage process was a disaster!

The Dodd-Frank bill, the Trump administration, and all the regulatory issues continue to hurt consumer confidence.  Even a meteoric rise in the stock market has people on edge.  One thing is for certain; with Obamacare on the backburner for now and healthcare temporarily on hold on Capitol Hill, Congress will turn its attention to Tax Reform.

Mortgage Interest Deduction (MID) is one of the key ingredients to home ownership.  Any meddling with the financial and psychological aspects of the purchasing process will be a major economic and social mistake.  Home ownership continues to drive the recovering economy, builds neighborhoods and communities, focuses on education and most importantly creates net worth for the owner.  Escalating rents have driven a huge gap between the net worth and financial security of a renter versus a homeowner.

The Spring Market is very strong.  Historic Low Interest Rates may not last forever.  The first sale I made in 1981 had an interest rate of 19.5%!  Enough said and begin to build your equity as a buyer and sellers are selling at recovering prices.  Happy House Hunting!

Read about what our COO and Owner Charles Oppler and Other Association Leaders Have to Say in the March/April issue of REALTOR® Magazine

Read about what our COO and Owner Charles Oppler and Other Association Leaders Have to Say in the March/April issue of REALTOR® Magazine

March/April REALTOR Magazine

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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