Sotheby's International Realty, the famous real estate firm, will reportedly be selling high-end properties in India.
The Economic Times reports that Sotheby's International Realty will be selling luxury private residences inside ancient forts in Rajasthan and also be marketing bungalows in Delhi.
"The idea is to make these assets available to international buyers, including NRIs (non-resident Indians) as well as provide access to Indian buyers to properties from locations abroad such as Dubai and London etc," Amit Goyal, founder director and chief executive officer of Sotheby's International Realty North India, told the publication.
Sotheby's International Realty debuted in the Indian real estate market late in July, this year. Since foreign companies are required to partner with a domestic firm to conduct trade in the country, Sotheby's joined hands with Real Pro Infra and plans on developing the already-booming North Indian real estate market.
"Northern India is one of the most exciting, beautiful and fastest growing markets in the world, with a developing luxury real estate market. Expansion into India was one of our core objectives for this year, and I am proud to welcome Amit and his team to our global network," Philip White, president and chief executive officer of Sotheby's International Realty Affiliates LLC, said in an official statement announcing the venture.
"The luxury residential real estate market in India is beginning a period of expansive growth and the Sotheby's International Realty brand will meet the needs of high net-worth individuals internationally looking for luxury homes in India and overseas using the brand's global platform," Goyal added in the statement.
"India's luxury residential market is poised to grow rapidly, supported by strong economic growth, and we are in an ideal position to lead this growth by leveraging the Sotheby's International Realty global platform," he added.
The Indian real estate market is making headlines in the global real estate market attracting several foreign investors. India has acquired about $675 million worth of foreign investment in the first quarter of 2014 alone, which is about double the amount of what it secured a year ago, according to the Financial Express.
Read More on the Indian property market here.
Corrections and Amplifications: An earlier version of this article wrongly addressed Sotheby's International Realty as Sotheby's, which is the auction house and is separate from the real estate business. Some incorrect numbers have been removed on request. The article also referred to Amit Goyal as the founder director and chief executive officer of Real Pro Infra, which has now been corrected.
