Buying a luxury home in India is now just a mouse click away

Buying a luxury home in India is now just a mouse click away
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First Published: Thu, Apr 22 2010. 11 45 PM IST
Updated: Thu, Apr 22 2010. 11 45 PM IST
Bangalore: A Rs22 crore Art Deco home in Mumbai’s posh Breach Candy area or a beachside holiday estate in Alibaug for Rs17 crore—you can now buy them at a click of a mouse.
A clutch of high-end residences across the country, priced at Rs2-26 crore, will be sold through an online platform alongside art and jewellery to high-networth individuals.
In an initiative of property advisory Cushman and Wakefield India Pvt. Ltd (C&W) and Saffronart Management Corp., an online portal that sells art and jewellery, the homes will be sold both online through auctions and regular sales for a 5,000-strong national and global investor base, which can take its pick from a catalogue updated every quarter.
“These are aspirational homes targeted at high-networth individuals who can see them, visit and buy. There would be no price band but we select them based on unique features, prime locations or even heritage qualities,” said Anurag Mathur, managing director, C&W India.
Once an investor selects a property, C&W will facilitate site visits and the actual transaction.
The luxury residential segment in India was badly hit by the economic downturn leading to prices tanking 20-30% in markets such as Mumbai. However, interest in such properties revived in end-2009 with sales rising. According to C&W research, approximately 9,000 homes in this segment are planned in major cities over the next two-four years.
While Saffronart will begin by showcasing a catalogue of seven properties, it will also conduct online property auctions of homes similar to its art or jewellery sales. The value of the properties showcased will be around Rs100 crore.
Dinesh Vazirani, chief executive and co-founder of Saffronart, said the company decided to begin featuring homes after many art buyers, particularly the ones overseas, complained that the luxury property market in India is opaque and sought a more transparent and public way to buy high-value homes.
“Our idea was to help investors purchase property easily since we already have a steady collector base,” said Vazirani.
madhurima.n@livemint.com
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First Published: Thu, Apr 22 2010. 11 45 PM IST