Godrej family office, Piramal scion invest in luxury realty firm
The Godrej family office and Anand Piramal, executive director of Piramal Group and son of Ajay Piramal, have invested in a real estate firm to build high-end luxury holiday homes in Goa, and the Nilgiris in Tamil Nadu.
Incidentally, both Godrej and Piramal run real estate companies that build high-end homes, among others.
Isprava, the real estate company, had raised about ~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 ~2.5 crore and go up to ~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.