January 26th, 2024
United States-based Forbes Global Properties on January 24 announced its entry into the real estate market, wherein it will build two projects covering 10 million square feet in Mumbai and Delhi in association with landowners and local developers and also provide brokerage services for luxury residential segments.
In India it will be known as India Forbes Global Properties and will initially develop projects in Mumbai, Delhi and Goa.
A K Sharma, Chairman of India Forbes Global Properties, said that in Mumbai the firm would develop 100 acre mixed-use project in Navi Mumbai in partnership with Orange Smart City, which is developing 1,200 acre integrated townships. The company is also in talks to develop a seven-acre commercial project near the Delhi Airport.
Sharma said that the firm is also exploring real estate opportunities in Ayodhya, especially in hospitality sector.
Sharma said that the company would also execute projects under development management model.
The company executives said that in Mumbai project they will be developing around nine million sqft of space while in the Delhi project, the developable area will be around 1 million sqft. They, however, refused to divulge the investment details of these projects.
Announcing the launch, Michael W. Jalbert, CEO, Forbes Global Properties, said, "It is an absolute honour to welcome India Forbes Global Properties to our international network. Our expansion into India is particularly meaningful. The nation's burgeoning markets present unlimited opportunities for discerning buyers and investors seeking ultra-luxurious homes, coveted estates, and premium developments."
Matt Beall, Board Chair, Forbes Global Properties, said, "Through our newest member, India Forbes Global Properties, we look forward to introducing the world to a curated collection of homes that exemplify luxury and reflect the country's unique cultural and architectural diversity."
Formed in December 2020, Forbes Global Properties entered India through membership network model. It already has a presence in 26 countries where 17,000 agents are providing real estate services to clients.
Sharma further said that India Forbes Global Properties will also provide brokerage services for the luxury residential segment and is looking at buying equity stakes in at least two such consultancy firms. The firm will also offer other services such as advisory, asset management and financial services.
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