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» Global realty brokerages selling islands at Indian shores

Date: Aug28, 2008

Author: Economic Times

Snobbery has a new address. And it’s in the middle of the sea. Top international real estate brokerage firms are docking near Indian shores to now sell private islands.

Sample this: Private Islands Inc, a Toronto-based private island brokerage firm, had put up Palm Lagoon — a four-acre private island in Kollam, Kerala — for sale. Last week, the island was reportedly snapped up for around Rs 3 crore. Then a little further away, in Sri Lanka, Tangalle Isle — another four-acre island — was sold for around Rs 4 crore.

And when SundayET decided to snoop around we found that Private Islands Inc is not alone. Coldwell Banker, America’s oldest real estate firm, which also deals in private islands, has set up a branch in Mumbai. Though these niche real estate firms were tight lipped about the identities of Indians hunting for private islands in India and abroad, Suketu Mody, president and COO of Coldwell Banker Goodwill Consultants, said: "With the number of ultra high net worth individuals in this country rising, we expect to clinch a few deals soon."