Century 21 Real Estate LLC has announced that it has signed a master franchise agreement to open CENTURY 21 ® franchises in Greater India. Dr. Devinder Kumar Gupta and others have partnered to become the master franchisee of the CENTURY 21 System for five regions in India, including Bangalore, Chennai, Delhi, Hyderabad, and Mumbai, operating as CENTURY 21 Greater India.
"Considering India's emerging economy and healthy real estate market, this marks a tremendous milestone for the CENTURY 21 System and we are thrilled to work with Dr. Gupta and his team to establish a CENTURY 21 brand presence in this area," said Tom Kunz, president and chief executive officer, Century 21 Real Estate LLC. "It's an honor for the CENTURY 21 brand to be an integral part of the real estate landscape in India for years to come. We will work to provide the utmost in value and support to the CENTURY 21 Greater India team."
India is the world's second most populous country, with 1.1 billion people. Occupying more than three quarters of the land mass of South Asia, India's economy is the 4th largest in the world at purchasing parity terms and 12th largest at market exchange rate.*
Residential property prices have been rising in earnest for the past two to three years in several Indian cities. In 2006, key areas in Mumbai, Delhi and Bangalore registered price increases ranging from 11% to 55.6%.**
"Once open for business, our real estate offices will cater to the needs of the diverse customer base in India and provide them with solutions for all of their real estate needs," said Dr. Devinder Kumar Gupta, Director of CENTURY 21 Greater India. "The support of the CENTURY 21 System has been tremendous, and we look forward to opening our first real estate office in the near future."