Godrej Industries and Piramal Family Office-backed luxury holiday homes builder Isprava is venturing into rental accommodation to expand its portfolio. The company plans to enter Goa, Alibaug in Maharashtra, Bali in Indonesia, Phuket and Ko Samui in Thailand, with over 250 homes under the new rental model.
Through Lohono Stays, Isprava will establish contractual deals with independent owners and developers of high-end or ultra-luxury homes in India and Southeast Asia.
“Many rich Indians buy holiday homes in different locations and it becomes an expense centre,” said Isprava CEO Nibhrant Shah. Isprava has 110 holiday homes across India and it plans to take it up to 150 by the current fiscal end.
Besides, the prestige properties also offer a good refresh option to a hectic city life. “It is a revenue share model with landlords and Isprava,” said Shah.
According to a report by Kotak Wealth Management, the number of high networth individuals, with assets worth $50 million and above, is set to double by 2022. This is reiterated by another recent report by PwC, which estimates that India’s economy is set to go past the US’ by 2040 in purchasing power parity terms and will be the second in this ranking.
