New Delhi, Nov 25 (PTI) India Sotheby's International Realty expects 40 per cent growth in revenue during this fiscal as demand for ultra luxury homes priced above Rs 5 crore has improved in last six months despite COVID-19 pandemic, a top company official said.

India Sotheby's International Realty, an exclusive master franchisee of US-based Sotheby's International Realty, is into advisory services for luxury properties.

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"We are confident to achieve a 40 per cent revenue growth this fiscal in difficult market conditions, which indicates a clear resurgence of luxury home demand," said Amit Goyal, CEO, India Sotheby's International Realty, in an interview with PTI.

He declined to share the revenue numbers.

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To gain market share, Goyal said the company has grown the team strength by over 30 per cent since the COVID-19 pandemic began.

It has roped in Vineet Nanda as Director - new projects - and has recently appointed Manisha Natarajan as Senior Advisor, Brand Communication and Editorial, he added.

Goyal mentioned that high net worth individuals (HNIs) want to upgrade to more spacious homes with extra room, space for gym and fitness, open spaces like gardens, terraces, and balconies, in this post pandemic normal.

"Our own experience has been a solid uptake in the premium and luxury segments of Rs 5 crore plus segment starting May this year and accelerating all the way to the festival season and the momentum continues," he added.

Goyal said the company has been able to close big ticket deals both in large cities of Delhi-NCR, Mumbai, Kolkata and second/holiday homes in destinations like Goa, Rishikesh, Dehradun and Alibaug.

"We have also registered a significant increase in UHNIs (ultra HNIs) seeking properties in some of the most sought after elite neighborhoods such as Mumbai's Bandra and BKC, Lutyens' Delhi, Jor Bagh, Shanti Niketan, Vasant Vihar and Panchsheel Park and Judges Court in Kolkatta. We have successfully closed several high value transactions," he said.

The deal sizes in the UHNIs category have ranged between Rs 65 crore to Rs 100 crore plus in the last 3-4 months, Goyal said, adding that the momentum of high value transactions would continue next year.

"There's pent-up demand particularly for luxury and premium residential segment given the attractive pricing for ready inventory, low mortgage rates and robust demand for consumer for larger homes," he said.

Born from the rich heritage of the Sotheby's Auction House, Sotheby's International Realty network is present in 72 countries with 23,000 sales associates and has achieved a record real estate global sales volume of USD 114 billion in 2019

The brand established its presence in India by setting up its first office in New Delhi in July 2014.

India Sotheby's International Realty currently has 4 offices and 68 member team.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)