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ANIRepresentational The company that spearheaded Goa’s luxury real estate boom, the Isprava Group, is finalizing a Rs 850-crore ($100 million) investment by Alta Capital for a significant minority stake, people aware of the fundraising told ET. This is the biggest fund raise by the nine-year old company to date.The investment, which is a combination of primary and secondary shares, is expected to help expand in vacation destinations such as Goa, Alibaug, Karjat and Kasauli. The funds would also be used to give the company’s uber-rich clients international offerings, while providing exits to some of the earlier high net worth investors.Once the transaction closes in the next few weeks, Alta Capital will become the largest shareholder in the company after the founder trio of brothers Nibhrant and Dhimaan Shah and Rohan Lamba and family.The company with early backings from the Burman (Dabur), Nadir Godrej and Anand Piramal family offices, operates as a house of brands. Isprava develops ultra-luxury second homes in non-urban locations while Lohono Stays, a group subsidiary, offers luxury homestay rentals, in India and overseas markets like Thailand, Italy, Bali, Mauritius primarily catering to the upwardly mobile rich Indian travellers. Last year, the company had launched a sub brand under Isprava called Chapter to drive volumes in the premium segment.Live EventsIn early 2023, the company had raised Rs 160 crores led by Asia-focused investment firm Symphony International Holdings Ltd. It had also raised an undisclosed sum last year from Habrock Capital, one of the investment vehicles for the endowment fund of US's premier research university, Massachusetts Institute of Technology (MIT).Dhimaan Shah, CO-CEO and Executive Director, Isprava and Siddhartha Gupta, Managing Partner, Alta Capital declined to comment.Gupta, former Managing Director of Blackstone’s Real Estate division in India, founded Alta Capital in 2019. It is the Indian operating partner of Singapore-based PE and Asset Manager, Hillhouse Investments. Till date it has deployed over $1.1 billion of equity capital across warehousing, managed workspaces, student housing and educational infrastructure businessesSince the pandemic, second homes in the premium and luxury categories, especially in non-urban locations near big metros, have witnessed a surge in demand. Home away from homePollution in the National Capital Region has also precipitated an influx of second homes in the Himalayan foothills across pockets of Himachal Pradesh and Uttarakhand.Goa and Alibaug, said industry officials, have seen frenzied buying by high net worth individuals who buy into these high end villas and gated communities as investments as well as a second home from where they can work and commute easily to bigger cities. Lohono, a five-year old brand, also allows home owners to rent out their properties while not in use and earn a yield income. The company manages and maintains the property.Between January and Dec 2024, average capital values for villas in North Goa saw a 16% year-on-year increase due to its growing popularity as a second-home location, the preference for gated villas, and a demographic shift towards younger, lifestyle-focused buyers. Certain popular micro-markets such as Anjuna, Arpora, Baga, Calangute, Candolim and Vagator along the North Beach District witnessed higher appreciation. Average capital values for villas in North Goa have risen by 30% since 2022, showed data from Savills India.With over 400 homes delivered and about 850-900 under construction, North Goa is the largest market for Isprava though the company has just recently entered South Goa soft launching two projects. Alibaug, in the outskirts of Mumbai, has emerged as the second largest but fastest growing market for the company within 2 years with 50 delivered projects and almost four times that under construction. Since early 2025, the company has entered Kasauli in Himachal. The average ticket sizes of Isprava properties are Rs 15-20 crores.India’s luxury housing market has entered a phase of steady expansion, led by rising domestic wealth, steady end-user demand and renewed interest from wealthy end users and investors. The segment can be broadly divided into premium properties priced over Rs 5 crore, luxury residences above Rs 10 crore that include branded apartments, penthouses and city-centre developments, and the ultra-luxury or second-home category above Rs 15-20 crore, largely concentrated in leisure destinations such as Goa, Alibaug and Kasauli.Realty developers are catering to lifestyle-led buyers who view these assets as both long-term investments and experiential homes. Institutional capital is also flowing into this space through structured platforms and project-level investments.In the most recent instance, earlier this week, realty-focussed investment management firm Arnya Realestates Fund Advisors invested Rs 120 crore in realty developer MAIA Estates’ premium residential project in South Bengaluru. Limited supply in prime locations, rising ticket sizes and consistent absorption have together made luxury housing one of the most resilient and capital-attractive property segments in India. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onIsprava Groupluxury homesAlta Capitalinvestmentreal estatehigh net worth individualsispravagoa (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onIsprava Groupluxury homesAlta Capitalinvestmentreal estatehigh net worth individualsispravagoa(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
