Gurugram has overtaken Mumbai to become India's biggest luxury housing market in 2025, recording 24,120 crore in sales of homes priced above 10 crore.
The auction was watched closely as it comes at a time when other major names like Christie's have pulled out of India.
The sale lot of 61 pieces of art, which was spread across a variety of categories such as modern and contemporary South Asian art, prints, and photographs, realised an estimated sale price of Rs 23.8 crore. Pre-auction estimates had expected the sale to range between Rs 37 crore and Rs 52 crore. Around 11 pieces of art remained unsold on Day One, reports Pavan Lall.
India has purchased a rich archive comprising thousands of letters and documents related to Mahatma Gandhi, including those on his controversial relationship with architect Hermann Kallenbach.
Sotheby's International Realty was founded in 1976.
Descendants of the country's first President Rajendra Prasad are losing hope of bringing his 18K pink gold Rolex Oyester watch, that is being auctioned by Sotheby's in Switzerland.
High-end apartments, penthouses, and bungalows boasting amenities like swimming pools, expansive driveways, and premium interiors are becoming highly sought after.
Enquiries indicate it belongs to an industrialist with links to a prominent cricketer.
Modernist painter Tyeb Mehta's work Blue Painting sold for over Rs 11 crore (1.1 million pounds) at Sotheby's London auction, which grossed Rs 46.4 crore (4.6 million pounds), the highest total of the season for any sale in this category.
Private equity (PE) investment in real estate declined 5 per cent year-on-year in April-June to $1.9 billion because of high interest rates, according to Anarock. PE inflows stood at $2 billion in the year-ago period. Real estate consultant Anarock has come out with a report titled 'FLUX Q1 FY24 Market Monitor for Capital Flows in Indian Real Estate'.
Prices of luxury properties appreciated by 8-12 per cent during the last year across major cities and has breached the 2015 peak level, according to India Sotheby's International Realty. In its annual 'Luxury Outlook Survey 2023', India Sotheby's International Realty (ISIR) revealed that 61 per cent of High-Net-worth Individuals (HNIs) and Ultra High-Net-worth Individuals (UHNIs) are looking to buy luxury real estate during 2023-24. The sample size of the survey is more than 500 HNIs and UHNIs.
The RBI's decision to hike the benchmark interest rate will make home loans costlier and affect housing sales, especially in affordable and mid-income segments, according to property consultants. The RBI on Wednesday hiked the key benchmark rate by 50 basis points. Property consultancy firms Anarock, Knight Frank India, JLL India, Colliers India, India Sotheby's International Realty and Investors Clinic said that the RBI's move was on the expected line to control inflation and this would result in an increase in interest rates on home loans.
A diamond bracelet and jewelled decorative elephants from Jaipur are some of the Indian heirlooms that made up a collection of 350 personal items belonging to Patricia Mountbatten, Lord Louis Mountbatten's eldest daughter, which fetched over £5.6 million (Rs 56 crore) at an auction in London.
The RBI's decision to hike repo rate will hit consumers' buying sentiment, but will have a moderate impact on housing sales in the affordable and mid-income categories, according to industry experts.
This sort of property is better suited for an investor rather than an end user.
A rare sketch by John Henry Amshewitz and correspondence to Sarat Chandra Bose will go under the hammer at a Sotheby's auction on July 11.
Around 25 per cent of the international real estate market in London also belongs to Indians with investments around 1 billion pounds.
The auction will also feature works of M F Husain, as well as early works by masters Tyeb Mehta and Francis Newton Souza.
Housing sales are likely to be hit, especially in affordable and mid-income categories, following the RBI's decision to hike repo rate, according to real estate developers and consultants. However, the impact of RBI's decision to raise the benchmark lending rate by 50 basis points to 5.40 per cent is expected to be for a short term, they added. This is the third consecutive rate hike after a 40 basis points and 50 basis points increase in May and June, respectively.
In its latest report for the office market, property consultant Cushman and Wakefield said the total seats leased by enterprises could cross 50,000 during the 2021 calendar year. Enterprises had leased 18,213 seats in the first six months of the 2020 calendar year and 36,255 desks during the entire last year.
The government on Wednesday expressed disappointment over a French company snapping up Mahatma Gandhi's Johannesburg house, through Sotheby's auction firm, but said it will continue efforts to acquire the heritage property through a public sector company."The matter concerns national sentiment and I will leave no stone unturned to acquire the historic property and declare it a national monument," said Union Coal Minister Sriprakash Jaiswal.
In 2003, the 200-year-old sword was bought with much fanfare by liquor baron Vijay Mallya.
A Mughal-era manuscript filled with Indian miniatures discovered locked up in a cupboard inside a rural England castle is now up for sale at Sotheby's upcoming auction in London.
The global billionaire population reached a record 2,325 with the addition of 155 new billionaires in 2014, registering a rise of 7 per cent from 2013.
'Imagine how secure are our seaports and airports that 10,000 objects can leave every decade and our custodians are not even aware?' 'This kind of targeted looting when thieves pick and choose the best of Indian art and steal on an industrial basis will eventually impoverish our great land.'
De Beers started a grading and inscription facility at Surat in Gujarat.
Kishore Singh on Jean-Michel Basquiat and his worth.
The 'Artery Top 500 Works' list features the most expensive Indian works of art that have been sold so far. Their collective realised price? $367.9 million! As the demand and value of Indian artists grows internationally, we look at the record setters.
The lot, which included 33 pages of handwritten drafts of a series of articles for Young India from 1921 and 11 autographed letters by Mahatma Gandhi, sold for 45,600.
This is the largest single-owner sale of Indian modern art, but it is for reasons other than this historicity that it will be remembered, says Kishore Singh.
Liquor baron Vijay Mallya has bought most of the items related to former Mysore ruler Tipu Sultan which went under the hammer for over 1 million pounds with Sotheby's auctioneers in London.
Uncorking the business of vintage wines and spirits.
Ritika Kochhar finds out how Indian miniatures, which were once buried in manuscripts, ended up drawing collectors the world over.
The rarity of comic books in mint condition or nearly perfect ones, and the rising demand, have caused the prices to spiral internationally.
'Greek Landscape' is now the most expensive painting by Akbar Padamsee.
The spotlight is back on the hawala trade in diamonds.
'It was only relatively recently that Subhash Kapoor was able to secure the sources in India, Afghanistan and Cambodia, that allowed him to get the really highest level objects, and that helped propel him in recent years up the ranks.'
With organic kitchen gardens, Goa's luxury holiday homes are raising the bar The ease of reaching the destination, the mix of party culture and quietude are some of the reasons why individuals are increasingly investing in Goa
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