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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