International property agency Sotheby's International Realty is expanding in India after agreeing a 25-year master franchise agreement covering the whole country.
The agreement builds on the brand's presence in India which was kickstarted by opening a branch in New Delhi during 2014.
The first office as part of the expansion will be set up in Mumbai, and will take place in the second half of this year.
Further expansion will then follow in Bengaluru, Goa, Chennai, Pune, and Kolkata.
Each new opening will incorporate company controlled offices headed by an experienced and well-positioned ‘local institutional operator’.
Sotheby’s will be focusing primarily on India's luxury residential real estate market.
India Sotheby's International Realty is led by a 25-strong team with varied experience ranging from luxury real estate to lifestyle business and banking.
“The Indian luxury real estate market is growing rapidly and it was the right time for our brand to expand its presence within the country,” says Philip White, president and chief executive of Sotheby’s International Realty Affiliates LLC.
"Expansion into the rest of India was one of our core objectives for the year and we are proud to have them at the helm of this venture.”
Gaurav Bhatia, managing director of India Sotheby's International Realty, adds: "India is a market like no other and Sotheby’s continues to lead the way with this exciting expansion."
The Sotheby's International Realty network now has more than 20,000 independent sales associates located in approximately 880 offices in almost 70 countries.