Herald: Stress-free Goa poised for realty boom: Shah

Stress-free Goa poised for realty boom: Shah

07 Jul 2018 06:19am IST

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07 Jul 2018 06:19am IST

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Isprava, a company that develops and manages luxury holiday homes in India, was founded in 2013 when Nibhrant Shah, previously an investment banker with experience in New York and London, moved back to India. Isprava is built on the idea that owning a second home can be simple, enjoyable and provide benefits that even a five-star hotel cannot. Isprava has successfully closed its second equity fundraiser. The company raised proceeds of Rs 21 crore at a valuation of Rs 320 crore. Nibhrant Shah replied to questions sent by Ajit John.

HERALD:  What prompted you to get into the business of developing and managing luxury homes in India?

NIBHRANT SHAH: It was a getaway to Goa that became the first chapter of the Isprava story. I appreciated the juxtapositions that can be found in Goa. The 16th century history against vibrant neighbourhoods. The calm beaches against crowded shacks. The energetic parties against tranquil hideaways. I decided this land of contrasts is where I would own a holiday home. Goa however was marred by gated communities, complicated paperwork and lax regulations, purchasing a home was an ordeal. The homes lacked a feeling of authenticity and exclusivity. Personal comfort was not a priority and attention to the environment and community was deeply deficient. It is where I realized the potential of the holiday home market in India and went to create Isprava.  

HERALD:  How big is the secondary market in Goa?

NS: Isprava is extremely bullish about the growth of the secondary home market in India. Over the last few years, we have noticed a shift in primary residential market. People are in search of peace, lesser stress at the same time being closer to home; hence destinations like Goa, Alibaug etc are poised for massive growth with regards to the secondary market. Adding to that, Indians in general are becoming incredibly discerning and Isprava with its offerings and being in such locations fits in perfectly with their lifestyle.   

HERALD:  How different is it from other states in India?

NS: At Isprava, we seek destinations that will give our homes a unique personality. Destinations that are vibrant and diverse and most importantly destinations that form attractive long-term investments. It is no surprise that Goa became our first home. For us, Goa is more than the beautiful beaches and cookie cutter resorts. It's rich history and culture is what makes it different from other states. The juxtapositions found in Goa, the connectivity to social infrastructure and the ability to easily disconnect at the same time, makes Goa unique.  

HERALD:  Why did you not look at the primary market ie the first time buyer of homes?

NS: Over the last few years, problems in primary cities have only increased. Whether it is smog, traffic, pollution, deforestation or space - people are in search of peace and a stress-free life. Tier II and Tier III cities are developing by the day and using the situation to their advantage. Individuals are not being offered better posts with better responsibilities and are moving to these cities as their primary residence. 

We have understood this psychological shift and thus till today we have not looked into the primary markets to build Isprava homes.

HERALD:  What are the trends emerging in the realty market in Goa?

NS: Over the last two decades we have only seen Goa's property prices increase. Apart from Indian markets such as Bengaluru, Pune and Mumbai, NRIs are also seen investing in the Goa property market, as the growth and return on investment in this market is way higher than most other states. With an escalation in tourism, Goa identifies itself as a place with unlimited options for every demographic... With the daily hassle in the cities only increasing, Goa is bound to display a boom. 

HERALD:  What are your plans for the Goa market in terms of new projects?

NS: We have over 50 homes that are under construction in Goa now and we believe the Isprava Story is only just beginning.

HERALD:  You raised 3 million dollars, are you going to use it to build a land bank?

NS: The capital raised will be used for further team development, marketing and technology, entering new markets alongside launching a new business line in the hospitality network offering luxury homestays and homes for travellers.  
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