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Now, buy Rs 26-crore luxury homes online

Last updated on: April 28, 2010 09:13 IST

Now, buy Rs 26-crore luxury homes online

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Deepa Menon in Mumbai

Ever dreamed of buying a high-end apartment in Mumbai or a riverside villa in Uttarakhand?

A Rs 26 crore (Rs 260 million) luxurious flat with a stunning sea view in South Mumbai or a duplex apartment in Bangalore can now be bought at just a click of the mouse.

Saffronart, the online portal that sells art and jewellery, has joined hands with real estate services firm Cushman & Wakefield for online sales of premium residential properties.

According to C&W research, approximately 9,000 homes in luxury segment are planned in major cities in India over the next two-four years.

Through this new initiative, Prime Properties, Saffronart and Cushman & Wakefield will offer online sales and auction platform to the premium residential market. This is the first online venture in India for sales and auctions of prime residential properties.

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Image: A holiday home in Alibaug

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The sales figures in the realty sector started showing signs of revival by the end of 2009 after the economic downturn. Even Mumbai and Delhi markets had felt the heat as prices crashed.

Currently, many developers have started showing more attention to the super-luxury residential segment as the demand for high-end residences is on the rise.

The joint venture company has identified seven high-end residences across the country, priced between Rs 2 crore and Rs 26 crore (Rs 20 million and Rs 260 million), for this purpose.

It will be sold through the online platform of Saffronart to high networth individuals. The total value of the properties showcased is around Rs one billion (Rs 100 crore).

"This is an innovative step within the residential services sector. Our properties are targeted at high networth individuals and Non-Resident Indians," says Anurag Mathur, managing director, Cushman & Wakefield India.

"Our partnership will focus on the online auction of some of the premium properties available in India," he adds.

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Image: The Verandas at Gurgaon in Haryana

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The available properties will be listed on the Saffronart web site along with photographs, description, floor plans, location, et cetera.

Once an investor chooses a property, site visit is arranged and then the actual transaction happens. Same is the case with the selling of the property.

Saffronart has already begun showcasing a catalogue that includes seven high-end properties. The property auctions will be similar to its art or jewellery sales.

Dinesh Vazirani, CEO and co-founder of Saffronart, says, "The company decided to go ahead with the online venture of residential properties after many customers wanted access to buy high-value homes. Our aim was to help buyers and sellers a transparent process for acquisition and disposition of residential real estate in the luxury segment."


Image: The seaside apartment at Breach Candy in Mumbai

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