International auction houses that you normally associate with highstake bids are entering the luxury property marketing business in India.
Sothebys International Realty,the luxury real estate brokerage arm of auction house Sothebys,will market Four Seasons private residences in Bangalore being developed by London-based Westcourt.The project,City View,a joint venture of Westcourt,Goldman Sachs and Century Real Estate,will house the Four Seasons hotel and 110 branded residences on a 6.5-acre property near Mekhri circle in North Bangalore.The residences,between 1,800 and 7,500 sft,start at about Rs 4 crore;some go above Rs 10 crore.
Mumbai-based art auction house Saffronart has tied up with real estate consultancy Cushman & Wakefield to launch a venture called Prime Properties to source and market premium residential real estate through private sales.Early next year,Saffronart plans to leverage its auction platform to auction luxury properties online.
Though an art auction house is a distinct entity from the real estate division,the crossover point is of practical interest for developers and individuals eyeing a targeted client base.Art can be a passionate purchase,as can be real estate.There is a distinct advantage for us in being able to connect with art connoisseurs who also intend to buy expensive real estate, said Philip Grant,project director,real estate sales & marketing at Sotheby's International Realty.Sotheby's Auction House,founded in 1744,has earned renown as a marketer of the worlds most valuable and fine possessions.
Westcourt sponsored an Indian art exhibition in New York in September that attracted crowds from the art and business world who had an opportunity to preview the Four Seasons branded residences at the Sotheby's art gallery there.
On the Saffronart website,a 3-BHK apartment measuring 3,100 sft overlooking the Race Course in Bangalore has an asking price of Rs 6 crore.A 4,300 sft colonial style Le Bougainvillea villa is also up for sale;the asking price is available only on request.
Nish Bhutani,COO of Saffronart,said that such a distinctive marketing platform not only exposes exclusive properties to the Indian and global audiences,but it also gives comfort to the buyer that the property is free from encumbrance or litigation.
Shveta Jain,director for residential services at Cushman &Wakefield India,said its tie-up with an auction house facilitates a price discovery mechanism for individuals and HNIs in a timebound manner.It allows the owner to ascertain property prices to maximize his gains, Jain said.Currently,property prices are ascertained based on prevailing market rates and the last transaction in that area.
Saffronart has marketed 26 properties in the last one year with an average price of Rs 4-5 crore for holiday homes and Rs 12-15 crore for luxury homes in the metros.
Mumbai-based art auction house Saffronart has tied up with real estate consultancy Cushman & Wakefield to launch a venture called Prime Properties to source and market premium residential real estate through private sales.Early next year,Saffronart plans to leverage its auction platform to auction luxury properties online.
Though an art auction house is a distinct entity from the real estate division,the crossover point is of practical interest for developers and individuals eyeing a targeted client base.Art can be a passionate purchase,as can be real estate.There is a distinct advantage for us in being able to connect with art connoisseurs who also intend to buy expensive real estate, said Philip Grant,project director,real estate sales & marketing at Sotheby's International Realty.Sotheby's Auction House,founded in 1744,has earned renown as a marketer of the worlds most valuable and fine possessions.
Westcourt sponsored an Indian art exhibition in New York in September that attracted crowds from the art and business world who had an opportunity to preview the Four Seasons branded residences at the Sotheby's art gallery there.
On the Saffronart website,a 3-BHK apartment measuring 3,100 sft overlooking the Race Course in Bangalore has an asking price of Rs 6 crore.A 4,300 sft colonial style Le Bougainvillea villa is also up for sale;the asking price is available only on request.
Nish Bhutani,COO of Saffronart,said that such a distinctive marketing platform not only exposes exclusive properties to the Indian and global audiences,but it also gives comfort to the buyer that the property is free from encumbrance or litigation.
Shveta Jain,director for residential services at Cushman &Wakefield India,said its tie-up with an auction house facilitates a price discovery mechanism for individuals and HNIs in a timebound manner.It allows the owner to ascertain property prices to maximize his gains, Jain said.Currently,property prices are ascertained based on prevailing market rates and the last transaction in that area.
Saffronart has marketed 26 properties in the last one year with an average price of Rs 4-5 crore for holiday homes and Rs 12-15 crore for luxury homes in the metros.
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