In order to cater to connoisseurs with a taste for heritage property, global realty firm Cushman and Wakefield has joined hands with global art and jewellery auction house Saffronart, to launch an online property auction firm, Prime Properties.
The company launched its 'Fall Catalogue of Prime Properties' that offers a selection of some of the most luxurious and unique getaways and holiday homes around the country. These range from heritage homes to super luxury homes and land at prime locations.
The auction will start from January.
"We are not like other property portals that list thousands of properties without any authenticity about the information.
Our market is very niche.
It is for selective buyers who look for exclusive locations and have a taste for good living," Nish Bhutani, chief operating officer ( COO), Saffronart, said.
He said auctions tend to fetch a good price but the company is not looking at mass marketing.
"At present, when most of the developers are coming up with luxury homes it becomes very difficult to select a good property.
Moreover, not all are looking for developers' flats. We have a very selective and exclusive list just like a piece of art the buyer can choose as per their taste," he said.
According to Shveta Jain, director, ( residential service) of Cushman and Wakefield, the selection of the property is not done on the basis of the label.
" When selecting a property, we look for the qualitative and aesthetic aspect and then fix the auction price. For high- end developer flats, we conduct our own evaluation on whether the house is worth the price that the developer is asking," Jain said.
Such auctioning save buyers, especially those living outside India, from the hassles of having to check the authenticity of title deeds.
According to Bhutani, the luxury homes segment has an exciting future in India as it has tremendous potential for growth.
" Now the affluent class is looking for something beyond the luxury tag.
Buyers are getting very choosy and are looking for exclusivity and aesthetics.
And they are ready to pay for it. So, the market is suddenly getting very exciting," he pointed out.
Bhutani added that the company is receiving a number of requests and queries from developers who are keen to list their properties with the portal but Prime Properties is choosy when it comes to listing the property offerings.
"Going forward, we will be exploring more options like heritage palaces and land for hotels. It is just the beginning," Bhutani added.