The Isprava Group, a key player in Goa’s luxury real estate market, is nearing a significant Rs 850-crore ($100 million) investment from Alta Capital, marking the largest fundraising effort in the company’s nine-year history, according to sources familiar with the deal.
This investment, encompassing both primary and secondary shares, aims to facilitate the company’s expansion in coveted vacation spots like Goa, Alibaug, Karjat, and Kasauli. It will also enable Isprava to introduce international offerings for its affluent clientele and provide exits to some previous high-net-worth investors.
Once finalized in the coming weeks, Alta Capital will ascend to the largest shareholder position, following the founding trio of brothers Nibhrant and Dhimaan Shah, along with Rohan Lamba and family.
With initial backing from prominent figures like the Burman family (Dabur), Nadir Godrej, and Anand Piramal, Isprava manages a portfolio of ultra-luxury second homes in rural settings, while its subsidiary, Lohono Stays, provides luxury homestay rentals in India and abroad, targeting the upwardly mobile wealthy Indian travelers. Recently, Isprava launched ‘Chapter,’ a sub-brand aimed at increasing volumes in the premium sector.
In early 2023, Isprava secured Rs 160 crores from Asia-focused investment firm Symphony International Holdings Ltd. Additionally, it raised an undisclosed amount last year from Habrock Capital, affiliated with MIT’s endowment fund.
Dhimaan Shah, CO-CEO and Executive Director of Isprava, and Siddhartha Gupta, Managing Partner at Alta Capital, opted not to comment.
Gupta, previously Managing Director of Blackstone’s Real Estate division in India, founded Alta Capital in 2019 and is currently the Indian operating partner of Singapore-based Hillhouse Investments. To date, Alta Capital has invested over $1.1 billion across various sectors including warehousing and educational infrastructure.
Since the pandemic, demand for premium and luxury second homes, especially in non-urban locales near major metropolitan areas, has surged.
Home Away from Home
The pollution in the National Capital Region has led to an uptick in demand for second homes in the Himalayan foothills, particularly in Himachal Pradesh and Uttarakhand.
According to industry officials, Goa and Alibaug are witnessing a buying frenzy among high net worth individuals. These affluent buyers are investing in high-end villas and gated communities as both a second home and a savvy investment opportunity that allows for convenient commuting to larger urban centers. Lohono also provides homeowners the option to rent out their properties for additional income, managing and maintaining the properties as needed.
From January to December 2024, average capital values for villas in North Goa experienced a 16% year-on-year increase, driven by its rising popularity as a second-home location, the demand for gated villas, and a demographic shift towards younger, lifestyle-focused buyers. Specific micro-markets such as Anjuna, Arpora, Baga, Calangute, Candolim, and Vagator in the North Beach District have seen even higher appreciation. Overall, the average capital values of villas in North Goa have surged by 30% since 2022, according to Savills India.
With over 400 homes delivered and approximately 850-900 under construction, North Goa is currently Isprava’s largest market, although it recently forayed into South Goa with the soft launch of two new projects. Alibaug, situated on the outskirts of Mumbai, has quickly become the company’s second-largest yet fastest-growing market, delivering 50 projects and nearly four times that number currently under construction. In early 2025, Isprava plans to expand into Kasauli, Himachal. The typical prices for Isprava properties range from Rs 15-20 crores.
India’s luxury housing sector has entered a phase of steady growth, fueled by increasing domestic wealth, consistent demand from end-users, and renewed interest from affluent investors. The luxury market is classified into three main segments: premium properties priced over Rs 5 crore, luxury residences above Rs 10 crore (including branded apartments, penthouses, and city-center developments), and the ultra-luxury category above Rs 15-20 crore, primarily in leisure locations like Goa, Alibaug, and Kasauli.
Real estate developers are focusing on lifestyle-oriented buyers who view these homes as valuable long-term investments as well as experiential residences. Institutional capital is increasingly flowing into this sector via structured platforms and project-level investments.
Recently, realty-focused investment management firm Arnya Realestates Fund Advisors invested Rs 120 crore in MAIA Estates’ premium residential project in South Bengaluru. The limited supply of properties in prime locations, along with rising ticket sizes and stable demand, positions luxury housing as one of India’s most resilient and appealing property segments.
