US-based Forbes Global Properties has announced its foray into the Indian real estate market to offer brokerage services for luxury homes. It is also planning to develop two projects covering 10 million square feet in Mumbai and Delhi in association with landowners. It is also exploring opportunities to develop a residential project in Goa spread across 10 lakh sq ft. Watch the details here.
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#forbes #realestate #forbesglobalproperties #forbesindia #luxuryhouses
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00:00 In India, the demand for luxury homes is increasing rapidly.
00:04 Recently, some reports were also published which stated that India's 71% high and ultra-high net worth individuals
00:11 are willing to invest in luxury real estate in the next 12 to 24 months.
00:17 In India, the sale of ultra-luxury homes is increasing rapidly.
00:20 In 2023, the sale of houses worth more than 40 crores has recorded great figures.
00:26 In India, the sale of ultra-luxury homes has increased by 250% in comparison to last year.
00:33 In this, the interest of big ventures in real estate is particularly visible in the luxury segment.
00:39 Forbes is also included in this.
00:41 Forbes, a US-based company, announced on Wednesday that it will enter the Indian real estate market.
00:49 This platform will seamlessly connect high net worth individuals, investors and real estate enthusiasts with some of the most prestigious and distinctive properties of the country.
01:00 Post-COVID, luxury and high luxury segments have seen a surge.
01:04 And this is why Forbes launched Forbes Global Properties in India.
01:09 14 of India's top 10 cities, including Delhi, Mumbai, Hyderabad, Bangalore and Chennai,
01:14 have seen 4.13 lakh new launches, of which 14,754 are luxury projects,
01:21 i.e. the cost of which is more than 5 crores per unit and almost 14,654 are immediate takers.
01:29 The company will make two projects in Mumbai and Delhi covering 10 million work feet
01:34 and will also provide brokerage services for the luxury residential segment.
01:39 It will be named India Forbes Global Properties in India and will develop projects in Mumbai, Delhi and Goa.
01:47 India Forbes Global Properties Chairman A.K. Sharma said that
01:50 the company will develop 100 acres of mixed-use projects in partnership with Orange Smart City in Mumbai,
01:59 which is developing 1200 acres of integrated townships.
02:02 The company is also talking about developing 7-acre commercial projects near Delhi Airport.
02:09 Sharma said that the company is also looking for real estate opportunities in Ayodhya,
02:14 especially in the hospitality sector.
02:16 And what did Chairman A.K. Sharma say while talking to Goodwinton?
02:21 What are the plans of India's Forbes Global Properties in the real estate sector?
02:25 They have assigned different functions like hospitality management, investment, funds,
02:35 and financial services because there will be a lot of demand for capital and investment.
02:42 Investment is the key issue in real estate development.
02:45 Then, hospitality management, facility management, event management, and other management.
02:50 So, in future, more and more such functions can be added depending upon the needs and requirements.
02:55 The company said that 9 million square feet of space will be developed in the Mumbai project,
03:00 while the developable area in the Delhi project will be about 1 million work feet.
03:05 The company is also exploring the opportunities to develop residential projects in Goa.
03:10 Nothing has been revealed about the investment yet.
03:13 Michael Gilbert, who is the CEO of Forbes Global Properties,
03:17 announced the launch of the project.
03:20 While talking to Goodwinton, he said that how he sees the future of luxury real estate in India.
03:44 Forbes Global Properties was formed in December 2020.
03:48 It already has a presence in 26 countries,
03:51 where 17,000 agents are providing real estate services to clients.
03:55 India Forbes Global Properties also tied up with Prop Equity Analytics.
03:59 Prop Equity's founder and CEO, Sameer Dasuja, told Goodwinton
04:04 that how the luxury housing segment is booming in India and what is the reason behind it.
04:10 My opinion is that people have understood the importance of their homes after COVID.
04:17 It is possible that many people will be working from their homes in the future.
04:22 They need a big house.
04:24 The second thing is that the Indian economy is the fastest growing economy in the world.
04:30 If you see our stock market, it was 10,000 during COVID,
04:34 and today it is 22,000.
04:36 It has doubled in three years.
04:38 If the luxury segment of the real estate market has increased by 50%,
04:43 then there should be no surprise that if the stock market can increase by 100%,
04:48 then the real estate sector, which was in a period of 6-7 years,
04:53 was stagnant and the real estate cycle is now moving towards an upswing.
04:58 So many investors have come to the market because they feel that money will be made.
05:03 Many NRIs have come to the market.
05:08 The projects sold in Gurgaon for 6 crores are sold overnight.
05:12 25% of the projects sold by DLF and State Municipality are bought by NRIs.
05:17 So, NRIs have benefited from the rupee devaluation.
05:22 They need their homes.
05:23 If they are getting a quality house, a luxury house,
05:27 then they feel comfortable that they are getting the same standard of living as abroad.
05:33 They are also going to rent a house because the quality is good and there is luxury.
05:38 There was no luxury supply in the market, which has now started to come.
05:41 So, there is over demand because it has started to come.
05:44 So, Forbes, which is a 100-year-old media company,
05:48 has now entered the luxury segment of real estate.
05:51 That's all for this video.
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