Incidentally, both Godrej and Piramal run real estate companies that build high-end homes, among others.Isprava, the real estate company, had raised about Rs 10 crore from the investors initially.
“I have known the promoters of Isprava for a long time and had a shareholding in the predecessor company. My company participated in this round of investment as well,” said Nadir Godrej, chairman of Godrej Agrovet and a member of the Godrej Family.
The company plans to build 40 homes in Goa and Nilgiris, including villas, vaddos (community home), and others, and ramp up its hospitality and rental division. It will have over 150 rooms over the next three years, said Nibhrant Shah, founder, chief executive officer and director of Isprava. “We are also working on plans to expand in international markets and establish Isprava as a brand in primary cities as well,” Shah said.
Godrej said: “They have already started building homes in Goa and will be undertaking bigger projects, including gated communities as time goes on and I am hoping that Isprava can maintain a high steady double-digit growth rate and should become a large successful company soon on that basis.”
The properties will start from Rs 2.5 crore and go up to Rs 30 crore and will be exclusive.
“Whether you look at a vaddo or an estate, each of these is designed uniquely. Our commitment to work with the best designers in the world will ensure that no two Isprava homes will look the same, Shah said.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in