Tag Archives: Goa’s real estate

Forbes Global Properties enters the Indian real estate market with plans to build in Goa, Delhi, and Mumbai.

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In Navi Mumbai, Forbes Global Properties intends to construct a 100-acre project. It is negotiating for a housing project in Goa and a commercial project in Delhi. 

On January 24, US-based Forbes Global Properties revealed its entry into the Indian real estate market by providing brokerage services for upscale residences. In collaboration with landowners, it also intends to build two projects totaling 10 million square feet in Delhi and Mumbai. It also investigates the possibility of building a 10-lakh-square-foot residential project in Goa.

The amount of money the company planned to invest in India was kept a secret. 

Forbes Global Properties, a company founded in December 2020, not long after COVID-19, entered the Indian market using a membership network model. It is already present in 26 countries, where 17,000 agents serve clients with real estate needs.  

The international company will receive a membership fee from the Indian venture “Indian Forbes Global Properties.” The Indian venture’s chairman will be A.K Sharma. According to Sharma, the business would use a development management model to carry out projects. “Brokerage is our primary business,” Sharma stated. “India Forbes Global Properties will offer brokerage services for the luxury residential market and is considering purchasing equity stakes in at least two of these consulting firms.” 

India has a sizable market and economy. To better assist our clients looking to purchase and sell luxury properties, we have expanded into India. Forbes Global Properties CEO Michael W. Jalbert will reporters in this location. 

India Forbes Global Properties will first develop a 100-acre mixed-use project in Navi Mumbai in partnership with Orange Smart City, building a 1,200-acre integrated township. Infrastructure construction is the responsibility of the Mumbai Metropolitan Region Development Authority (MMRDA). 

PropEquity Analytics and India Forbes Global Properties FGP have partnered as well. 

“In 2019, there were about 5235 units in India’s luxury real estate market (above $1 million), with a total value of $5 billion. It is now a more than 100% increase in that number.  Approximately 13,600 units are worth $12 billion today. The demand from the NRI segment and the general expansion of the Indian economy are the main reasons for this number’s growth, according to PropEquity’s founder and CEO, Samir Jasuja. PropEquity is a cutting-edge online search platform for real-time data, intelligence, and analytics. 

The network of invitation-only Forbes Global Properties members represents many of the best properties available worldwide for purchase and is exclusive to the most illustrious brokerages in particular cities and second-home destinations. High net-worth individuals, inventors, and real estate investors will have access to some of the most sought-after and unique properties through Indian ventures.  

Goa remains the most popular destination for vacation homes, with 71% of wealthy Indians wishing to invest in luxury real estate in the next two years.

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Compared to lifestyle upgrades last year, capital appreciation currently outweighs the primary justification for purchasing real estate. 

Up to 71% of wealthy Indians plan to make real estate investments within the next 12 to 24 months, demonstrating an abundance of confidence in the real estate market. According to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024, capital appreciation is now driving real estate investment more than lifestyle upgrades, which is why investors are returning to the market.  

High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) expressed confidence about investing in the real estate market, according to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024. A startling 79% expressed confidence in the economy’s positive trajectory in 2023-24, up from 59% the previous year.  

Regarding home loan interest rates, the Reserve Bank of India (RBI) expected 56% of NHIs and UHNIs to begin lowering rates in 2024, which bodes well for mortgage and financing prospects. 

Diversified holdings in real estate 

A startling 83% of wealthy Indians, according to the survey, own several homes, indicating a trend of diversifying real estate portfolios among the affluent. 

Aside from primary residences, 34% own business property, 25% vacation homes, 21% farmland, and 20% farmhouses. 

Up to 35% of vacation home purchasers stated that Goa was their first choice for a second residence, underscoring the city’s ongoing appeal to India’s affluent. 

At 12%, the desire to invest in properties abroad stayed consistent, with the USA and Dubai, United Arab Emirates, being their top choices. 

Consolidation of real estate portfolio 

Up to 43% of HNI and UHNI respondents said they to focus on higher-quality properties and assets that generate income to consolidate their portfolios. One-third of UHNIs and HNIs now use electronic tools like walkthroughs and 3-D virtual reality for research and property viewing. 

“Record-breaking home sales figures in Indian real estate in 2023 and an all-time high stock market are indications of the growing economic momentum. In the next 12 to 24 months, the top end of the real estate market will gain the most. Goldman Sachs Group Inc. projects that the number of people in the affluent class will almost double to 100 million over the next three years. The ultra-wealthy in India are increasing. The ranks of the ultra-rich have continued to rise due to the strength of start-up ecosystems and the increasing number of unicorns. Amit Goyal, Managing Director of India Sotheby’s International Realty. “Our Luxury Outlook survey results show a renewed and heightened interest among investors who now view real estate as a compelling avenue for long-term wealth creation.” 

“The resilience and potential of the Indian economy is evident in the remarkable shift in economic sentiment we are now witnessing. This increase in luxury projects in the top seven cities is not surprising. Alongside a wider understanding of real estate’s enduring value and potential for long-term financial growth, there is also a shift in mindset. The CEO of India Sotheby’s International Realty, Ashwin Chaddha, stated, “We think investors are strategically positioning themselves for wealth accumulation and creating multi-generational wealth through real estate investments.”