Luxury real estate advisory services provider RealPro Realty Solutions Pvt. Ltd has raised $2 million (Rs 12.7 crore) from an ultra-high-net-worth individual, a company statement said.
The company did not disclose the identity of the investor.
RealPro Realty Solutions has a franchise agreement with Sotheby's International Realty Affiliates LLC to operate in the country under the brand India Sotheby’s International Realty.
The Indian arm of the firm was founded by investment bankers Amit Goyal, Ashwin Chadha, and Ankit Tyagi. Prior to setting up India Sotheby’s International Realty, Goyal was vice president in the wealth management division at BNP Paribas; Chadha was director of wealth and investment management at Barclays; and Tyagi was associate director at BNP Paribas Real Estate.
The company will use the funds to open more offices across key metro cities in India and will establish India desks overseas, focusing on the Indian diaspora. The firm already has India desks in London, Dubai, Seattle, Toronto and Vancouver. It plans to start operations in Singapore, New Zealand, Australia and key cities in the US.
In May 2017, the company had raised $7 million (around Rs 42.5 crore) from Brand Capital, the ad-for-equity investment arm of media house Bennett, Coleman and Company Ltd, and a group of high net-worth individuals.
India Sotheby’s International Realty provides marketing and other transaction advisory services to its clients who wish to buy or sell luxury real estate properties globally. It has a team of over 25 professionals from the private banking and the luxury lifestyle domains, and has been actively selling prime properties to global Indians, the statement said.
India Sotheby’s International Realty has an office in Delhi and recently opened a new one in Mumbai.
The Mumbai office will cater to the demand of luxury real estate among high-net-worth individuals in western India, the statement added.
The firm appointed Sudershan Sharma, a former general manager at ICICI Bank, as director of strategy and corporate alliances at its Mumbai office.
“As affluent Indians increasingly make their presence felt across the globe and seek consultants who are insightful, trustworthy and who can advise on their needs, we step in with our global expertise of managing the top of the pyramid,” Amit Goyal, chief executive of India Sotheby’s International Realty, said
Sotheby’s International Realty Affiliates LLC provides independent brokerages with a marketing and referral programme for luxury listings. It is a subsidiary of New York-listed Realogy Holdings Corp. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house, to license the name of Sotheby’s International Realty and to develop a full franchise system.