Estate agent M Winkworth has launched an expansion programme across the Indian subcontinent with the opening of a first office in Bangalore.
The London estate agency plans to open offices across all major cities in India, with Chennai and Delhi branches planned for later this year.
Winkworth stated that it plans to go against the grain of traditional Indian house purchases by working for only one party in each transaction rather than for both sides as has locally been the case.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Narayanan Soundararajan, a former Royal Bank of Scotland regional direction in India, has taken on the master franchise for India and will look to build close relationships with credible property developers.
He said: "India is a rapidly growing real estate market, particularly in the luxury segment, so there is a great opportunity for an international brand like Winkworth, that combines global expertise and local knowledge, to enter the market."
As the company has seen a high demand from Indian buyers in London, the Indian franchised offices will work with Winkworth's UK network to offer support and advice to prospective clients looking to buy in the UK, and vice versa.
Chief Executive Officer Dominic Agace said: "The Indian property market has gone from strength to strength over the last decade and is now considered to be one of the most vibrant real estate markets in the world."
Shares in M Winkworth were up 1.0% at 104.5p at 13:40 on Monday.
OH
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
