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Forbes Global Properties, a United States-based company, announced its entry into the Indian Real Estate market. The venture, named India Forbes Global Properties, will focus initially on Mumbai, Delhi and Goa, offering brokerage services for luxury residences. 'India Forbes Global Properties' will pay a membership fee to the global firm. As of now, the company plans to collaborate with local landowners and developers for two ambitious projects covering 10 million square feet in Mumbai and Delhi.
A K Sharma, Chairman of India Forbes Global Properties, said that in Mumbai the firm would develop a mixed-use project with nine million sq ft of space on a 100 acre plot in Navi Mumbai in partnership with Orange Smart City, which is developing 1,200 acre integrated townships. The company is also finalising an agreement for a 7-acre parcel of land in Delhi for upscale retail outlets, a prestigious club and a luxurious hotel.
The company is also exploring opportunities in Ayodhya, primarily in the hospitality sector. Sharma said that the company would also execute projects under development management model.
Sharma further said that India Forbes Global Properties will also provide brokerage services for the luxury residential segment and is looking at buying equity stakes in at least two such consultancy firms. The firm will also offer other services such as advisory, asset management and financial services.
The company entered the Indian property sector in December 2020 through a membership network model with an alliance of esteemed international real estate professionals. Operating under the Forbes brand, it acts as a curated consumer marketplace, connecting buyers and real estate enthusiasts with premier properties worldwide. Properties are showcased within the framework of current market data and top-tier editorial content, ensuring that potential buyers are equipped with the knowledge needed to make informed decisions.
With a focus on luxury real estate, Forbes Global Properties features prestigious homes valued above USD 160 million. It already has a presence in 26 countries where 17,000 agents are providing real estate services to clients. These include prominent regions across the U.S., Asia, Australia, Canada, the Caribbean, Mexico, the Middle East, New Zealand and Europe. The member brokerages undergo rigorous vetting processes and are recognized as authorities within their respective prime property markets.
Sanjay Kackar, Chief Business Officer of India Forbes Global Properties, revealed plans to acquire stakes in two real estate brokerage firms within the fiscal year. The company aims to operate across various verticals, including property development and management, advisory services, financial solutions, facility management, hospitality services and event organisation.
Michael W. Jalbert, CEO, Forbes Global Properties, said, "It is an absolute honour to welcome India Forbes Global Properties to our international network. India's burgeoning markets present unlimited opportunities for buyers and investors seeking ultra-luxurious homes, coveted estates, and premium developments."
According to a November 2023 Anarock report, there has been a notable increase in sales of ultra-luxury real estate in India. In seven major cities, 58 homes priced above INR 40 crores were sold, totaling INR 4,063 crores in sales, with Mumbai leading the transactions. Business magnates dominated transactions at 79%, followed by senior corporate professionals at 16%, while politicians and Bollywood celebrities collectively accounted for a minor 5% share.
The demand for super luxury housing is expected to grow in 2024, driven by economic development, NRI investments and a rising desire for luxurious lifestyles, signalling a significant transformation in India's real estate sector.
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