India is no stranger to the world of luxury. Amitabh Kant, CEO, NITI Aayog made a point when he remarked at a recent luxury conclave held in the capital city, “India has been the home of luxury from our Maharaja days. Since time immemorial, Maharajas have thrived on luxury. India has seen some of the greatest master craftsmen and artisans across the world. Thus, in the cusp of change while India undergoes modernisation and progress and as the luxury market grows, I hope that India will retain the values of it is traditional heritage.”
Kant was speaking at a global luxury realty conclave organised by North India Sotheby’s International Realty in association with Confederation of Indian Industry (CII) held on February 25-26, 2017. Partnered by other apex industry bodies like Royal Institution of Chartered Surveyors (RICS) and Price water house Coopers (PwC), the two-day event discussed the real estate industry with the top business minds in the luxury real estate industry.
The event covered a range of topics such as the impact of changing policies on Indian real estate, evolving real estate market and trends; impact of international events on global real estate and factors affecting Indians buying abroad. In one of the sessions on global real estate and buying behaviour of global Indians, there were representatives from across the major world markets such as New York, London, Dubai, Canada, and Malta. The global panel agreed that Indians, by far are analytical people and not emotional buyers and they know their numbers well. Each one was trying to woo the Indian luxury investor. ‘Canada is on sale,’ said Richard Silver, Senior Vice President Sotheby’s International Realty while also adding in a lighter vein that one of their attraction apart from good education, infrastructure, housing etc is that they have a Bollywood type of Prime Minister. Indians remain the number one investor, said the Dubai spokesperson Leigh Williamson, Vice President Gulf Sotheby’s International Realty, who added how Dubai has been putting in the right infrastructure and regulation after the real estate meltdown. “Luxury is not local but always on the move’, said Kevin Brown, real estate Partner, Sotheby’s International Realty, New York.
In another session on the changing face of Indian luxury real estate, panelists included developers such as DLF, Central Park who spoke about issues of quality and trust. According to Amarjit Bakshi, Managing Director Central Park – “The job of a builder is not over after handing over possession. The real job begins after delivery. It takes four years to build and another four years to settle the consumer. Ultimately it’s all about building and retaining trust and fortunately we have never been taken to court. And if ever we are, the worst thing for us as a developer would be to win over our customers. We would always like our customers to win.” Consultant Dinesh Arora- Partner PwC India pointed out how delay in possession of home leads to lack of trust.
There was also a showcasing of select properties from Indian and overseas. Speaking on the occasion, Amit Goyal, CEO, North India Sotheby’s International Realty said, “The conclave showcased select luxury properties from India and overseas market as well as brought industry thought leaders together on a common platform to discuss the varying trends in the luxury real estate sector, the impact of changing policies on global real estate and the future potential of Indians buying abroad.”