Isprava has secured a land parcel exceeding 2 acres in Verna, South Goa, and intends to invest approximately Rs 85 crore to create an ultra-luxury residential project, as the demand for low-density holiday homes grows beyond North Goa.
The Mumbai-based developer, which has received early support from the Burman family of Dabur, Nadir Godrej, and the Anand Piramal family offices, plans to construct a limited number of residences on the acquired plot, utilizing its investment vehicles for the purchase. The company stated that the total investment planned encompasses both the land acquisition and development costs.
“The timing for entering South Goa could not be more opportune. North Goa has significantly matured over the last decade, and we anticipate South Goa to emerge as the next strategic market with substantial long-term potential for both lifestyle and investment,” remarked Nibhrant Shah, managing director and co-CEO of Isprava Group.
The proposed project will consist of two elements: private villas and a collection of bespoke homes. Isprava currently boasts over 220 luxury residences across North Goa, Alibaug, Coonoor, and Kasauli. “As we venture into South Goa, we are deliberately constructing a limited number of thoughtfully designed homes that emphasize space, privacy, and craftsmanship rather than scale,” stated Dhimaan Shah, Executive Director & Co-CEO of Isprava Group.
South Goa has been experiencing consistent growth in the luxury housing sector, bolstered by enhanced connectivity and demand from high-net-worth individuals seeking wellness-oriented living spaces away from congested tourist areas.
Developers are increasingly prioritizing boutique, low-density projects over large gated communities, a trend anticipated to influence the next phase of Goa’s second-home market. India’s luxury second-home market has seen rapid expansion in recent years, fueled by increasing wealth creation, the flexibility of remote work, and a shift towards lifestyle-oriented investments.
Affluent individuals are progressively acquiring vacation properties in recreational locales like Goa, Alibaug, Lonavala, Coorg, as well as the mountainous regions of Uttarakhand and Himachal Pradesh. They perceive these properties not only as personal getaways but also as revenue-generating investments through managed rental schemes.
