Isprava: At the lap of luxury
Making waves everywhere these days is this brother duo – Nibhrant and Dhimaan Shah of Isprava. Sons of Darshan Shah, they have embarked on becoming the creators of India’s leading luxury homes in non-urban areas, like Goa, Alibaug, Coonoor and Kasauli. Nibhrant Shah is the Managing Director and Co-CEO; his brother Dhimaan Shah is the Executive Director and Co-CEO. They have successfully created a private limited company that came into being in 2016, with the singular aim of becoming a leader in the luxury second-home segment.
The Shah brothers are both alumni of Cathedral and John Connon School (Mumbai) and Northwestern University (Evanston, Illinois). Former investment bankers (HSBC) from New York and London, the brothers left behind global finance careers to take on the highly fragmented and challenging Indian real estate sector. Working on Wall Street and facing the rigours of investment banking shaped their leadership styles and entrepreneurial spirit. The move from New York to London also left them feeling the aftermath of the 2009 financial crash.
Life brought them back to India at the same time that Flipkart, Uber, Pepperfry and Myntra were in their start-up phase. Just as other young people were scanning the market to see where they could fit in, the brothers used their business expertise to launch start-ups that became household names, such as Snackable (a healthy snacks company), Themis Consult (an end-to-end professional accounting support firm) and StyleCracker (fashion AI). Being from a banking community, they realised that a company’s financial, accounting and other functions would always need an outsourcing bridge to industry experts, and this proved absolutely beneficial in the long run for their clients.
As we all know, today India has so many young entrepreneurs. Mumbai, being the financial capital, has the largest number. Business India met the young and illustrious Nibhrant and Dhimaan Shah and realised that this sprightly duo’s spirit has not dimmed at all over the past 9 years in this capital-intensive business. The company today has over 220 properties worth over $360 million spread across Goa, Alibaug, Coonoor and Kasauli. Today, both of them are celebrated in numerous ways. Both Nibhrant and Dhimaan were recognised and honoured in the prestigious Fortune India 40 Under 40 list in 2024 as well.
How did all this transpire?
Never tired of sharing this story, Nibhrant excitedly took over the conversation – “It’s hard to buy land these days that is not attached to one problem or the other. So, we made it easy for our clients by clearing the way of land titles, by giving them detailed land approvals, and then took on aggressive timelines, and created a sort of seamless living experience for their generations to come. We definitely wanted to do things differently. We wanted to change the game, to create an impact and thus leave an impression.” Building luxury homes that inspire better living was always their game plan. More importantly, they wanted to simplify the process, break down barriers and transform the experience of buying and owning a luxury home into an effortless one for their clients. Literally a story that goes from 0 to Rs1,000 crore. The Isprava Group relates ever so many stories, and the Shah brothers head them all. Young entrepreneurs these days have an edge over everybody else: they move fast, understand digital culture and leverage technology, are completely purpose-driven, collaborate globally and are definitely not afraid to fail.
But what ended up being their first win? Starting with one land plot in Goa, the brothers built a home that was nothing like Goa had seen – luxurious, private and a space where time slowed down. The home was sold for what was then the highest sales price in Goa. The next step was finding visionaries who shared their dream and could help them scale – enter investors like the Piramal family, the Godrej family and others. The Board of Directors comprises Nadir Godrej (Managing Director, Godrej Industries), one of India’s most respected businessmen; Vera Tata Choksey (a trained lawyer and a dedicated philanthropist), who brings a wealth of expertise with her deep knowledge of the hospitality and luxury sector; Madhavan Menon (MD, Thomas Cook India Limited), whose expertise spans Banking, Finance and Travel, and who adds value to building an ecosystem of ultra-luxury hospitality and travel; Sunil Chandiramani (CEO & Director, Symphony Capital Partners Ltd), who has private equity experience across multiple industry sectors in Asia and the United States; and Darshan Shah (Isprava Group), who brings valuable insights in the department of construction, project management and sourcing. Together, they complete the Board of Directors for the Isprava Group.
The Isprava team is a collaborative effort between experienced and dedicated artists, architects and even landscape designers. Having the main things in place, the Shah brothers went about creating their management team, bringing together the best in the industry to co-create their vision.
From building beautiful handcrafted villas to creating an entire luxury living ecosystem, the Shah brothers have reimagined what aspirational living actually means in India. Besides having strong business fundamentals, they realised that their vision required a robust value system. Buying a home these days means many things: a retirement home, a holiday escape or just a home away from home. That means the buyer deserves a valued investment equipped with world-class facilities, amenities and services. Isprava has made it its business to understand this. Since their homeowners include eminent business founders, celebrities, sports personalities and other discerning individuals, their end-to-end services include identifying the best locations, designing bespoke spaces and ensuring the seamless delivery of fully furnished homes.
While others speak of square footage, amenities, number of units and costs, Isprava’s focus is on green cover, trees, indigenous materials and unique heirlooms. What they want is to leave behind a legacy of exceptional style, thoughtful personalisation and service that goes the extra mile. A bespoke, fully furnished residence would definitely need that kind of detail, and to add to that, a property management service. For the first year, to prioritise ease and comfort, homeowners get access to free property management services. Already accustomed to a certain standard of living, most people then start thinking about how they can make use of their wise investment. Isprava has a ready answer for that as well.
That’s when Isprava’s sister concern, Lohono Stays, comes in. Being a hospitality and rental management brand, and the only segment with overseas operations, it is based in Mumbai. It provides luxury vacation rental accommodation, offering premium living on lease with high standards of hygiene, sanitisation, personal attendants and more. They have fully serviced, luxury, bespoke villas across India, Southeast Asia, Sri Lanka and even the Maldives, offering world-class aesthetics, speciality experiences and unbeatable locations. Lohono Stays has already had a remarkable year, expanding its portfolio to 280 homes across several domestic and international destinations, hosting 200,000 guests throughout the year.
Different destinations
Inspired by Goan culture, Isprava first created a range of homes that celebrate Goa’s lush landscapes and glittering seascapes, delivering an irresistible luxury living experience. When Isprava’s sights were set on the coastal town of Alibaug (just south of Mumbai), they knew they could cash in on its comfortable distance from the fast-paced life in Mumbai. It was close to becoming the next Hamptons (a lovely beachside area of Long Island, just outside New York), and they knew it. Alibaug offered crisp sea breezes, forest-laden farmland and long, winding, uncrowded roads, peppered with trendy eateries, swanky cafés and excellent watering holes. Inspired by the laissez-faire persona of this breezy civic, Isprava had already envisaged the Alibaug horizon in mind, since the affluent had made their choice. They crafted a range of homes that would accentuate verdant boulevards, creating an unparalleled luxury living experience.
Isprava did not stop at just Alibaug and Goa; their hunger to move fast and strong led them to the mountains, where the enchanting serenity offered an alternative to urban living – one free of the hustle and tussle of city life. The Nilgiris mountains are a two-hour drive from Coimbatore’s International Airport, and a haven for golfers, equestrian enthusiasts and nature lovers. Then came Kasauli, a pristine hamlet untouched by mass tourism, breezy and unassuming, with rolling hills and pine-scented mountain air – everything Isprava, as a brand, could offer, all in one package: wealth in natural beauty. By now, they knew that by choosing these diverse destinations, they could provide their clients with magnificent vistas for years to come.
Always looking to make a difference in their story and considering the changes in demographics, Isprava created The Chapter. Launched in 2023, The Chapter catered to the fact that Goa’s real estate had exploded over the years and that this had driven up the prices of an Isprava home per se. Even though people say Goa is oversaturated, Arjun Malhotra, Vice President, Business Growth & Strategy, says: “Historically, 15-20 years ago, the only known places that people connected Goa with were Baga, Calangute and Candolim. Now, over the last 8-10 years, it’s been Assagaon, Anjuna and Vagator. But what typically happens when any place gets super commercial is that people then crave the more secluded places, but those must have accessibility to the main spots, and the Isprava Group has identified the north-eastern side belt, like Moira, Aldona and Sircaim, all close to the new airport. Conscious decisions were made to acquire land parcels in these areas.”
Different categories
Isprava has three different categories – The Vaddos (Rs8 crore), the Villas (Rs14-20 crore) and the Estates (Rs25 crore+). But since they did not have an offering between the Rs4.5 and Rs8.5 crore range, they realised there was a large market of people who had restricted budgets but who definitely wanted to add to their investment portfolios.
What then was the difference between Isprava and The Chapter? They both offer ready-to-move-in homes, falling in a similar ecosystem of the group, where property management is handled by Lohono Stays. The same teams delivered premium structures, etc, for both brands. The main differences lie in the plot sizes and price. The Chapter does not have the custom flexibility in the design space like Isprava; instead, one must choose from eight design templates that range from Tropical and Japanordic to Modern Minimal, etc. The Chapter is a community-living-style entity that has some common amenities like a gym, games room, working pods, a juice bar and pickleball, not forgetting a kids’ play area as well.
It strategically aimed at the 35-55 demographic – young entrepreneurs, young corporates, CEO level, and people with hybrid lifestyles, catering to the discerning, value-driven millennial consumer. The mother brand had launched with an initial offering of 22 limited-edition homes in Moira, which actually sold out in four and a half months. The Chapter has already offered 27 homes in Aldona and 24 in Sircaim. Of course, they will begin to look for different vistas, perhaps in Alibaug, all depending on how volume-driven they are.
Solene was sparked by the desire to create more than just a private club – it was about curating an immersive lifestyle experience. “When we first ideated a members-only club, the vision was simple – to create a brand that is the best in the world while being exclusive and luxurious. It took us a while to find the perfect space for our first club, and when we saw the de Souza family home in Moira, we knew that their legacy of togetherness and shared memories would be the ideal setting for Solene,” says Dhimaan Shah. Co-founder Nibrant adds that “Solene was never meant to feel like a traditional hospitality space – it was envisioned as a sanctuary, a place where warmth, intimacy and shared stories take precedence over grandeur.”
With the brand focused on non-urban markets, sustainability was one of the key challenges. There was also the task of bringing the community on board while adhering to local ecological and construction laws that are more stringent in non-urban locations, as these are largely eco-sensitive zones. Anybody in real estate knows that Goa is not all sunshine; the state’s healthcare facilities, educational institutions, Internet connectivity and power supply do not really reach the commoner. A lot turns into hill cutting, orchard conversion and groundwater depletion. Moreover, local real estate prices are rising in a raging spiral (that is unlikely to recede anytime soon). The uber-luxury real estate segment in India has seen unprecedented growth, being driven by factors such as rising disposable incomes. “We have observed a surge in investments in properties priced between Rs10 crore and Rs25 crore, with returns on these assets often surpassing 15 per cent annually. Owning a luxury home typically starts at Rs7 crore onwards and can go up to Rs80 crore, depending on connectivity, amenities, bespoke features and other details,” says Dhimaan Shah
The surge in ultra-luxury homes in India is being driven by growing wealth among C-suite executives and first-generation entrepreneurs post-Covid. As of 2024, the number of millionaires in India is expected to surpass 1.4 million, a significant increase from previous years. This growing wealth is directly linked to the demand for luxury real estate. India’s HNI population is expanding and is expected to increase by 63 per cent by 2025. Owing to this rising affluence and growing demand for high-end homes, luxury real estate is a top investment choice. According to CBRE, luxury home buying in India surged in 2024, with sales increasing by 53 per cent in the Rs4 crore and above category.
Demand drivers
According to a report by Knight Frank (a property consulting firm), there has been a significant jump in the demand and sales volume of luxury housing in total residential sales in India, indicating a structural shift. In the corresponding period last year, homes priced above Rs1 crore comprised about 52 per cent of total housing sales in Q3 2015, a notable increase. This number grew to about 41 per cent in 2024, signalling a shift in consumer preferences towards premium housing – a definitive structural shift in the market. Of course, the key drivers are lower interest rates compared to 2024. However, Isprava stands apart as it operates in non-urban markets driven by an increasing preference for semi-primary homes. “About 30-35 per cent of our homeowners are seeing them as semi-primary and primary homes, which means spending time there for about 6-9 months. That number was far less a few years ago, so we are already seeing the shift happen,” noted Nibhrant.
Isprava became profitable in FY24. Dhimaan Shah goes on to add: “In the coming year, we are tracking a high triple-digit crore EBITDA.” Their expenses, which had increased to Rs411.86 crore in FY24 for land construction, employee benefits and advertising, were managed effectively to achieve profitability. Their returns on capital employed (ROCE) improved to 22.64 per cent, and their EBITDA margin was 12.45 per cent.
While the company incurs construction costs for the properties, the land for the properties is purchased by the third-party investor on a revenue-share basis. Isprava, through its offerings, has consistently doubled its revenue in the last couple of years until March 2023. Going forward, however, the company does not plan to aggressively expand its geographical footprint; instead, it intends to deepen its presence in existing markets. “The aim is to continue growing at this pace, but there will be much greater depth in the markets we already operate in. And of course, we will sensibly add more locations at the right time,” stated Dhimaan.
The Chapter and Lohono Stays focus on the group’s real estate development business, with the former operating in the super-luxury segment, where the average ticket sizes are about Rs12.5 crore. The Chapter, on the other hand, is an ‘accessible luxury brand’ with average ticket sizes of Rs5 crore. Lohono, however, is on an expansion spree. They have grown at 65 per cent CAGR over a five-year period. The company reported sales of about Rs700 crore, up from Rs530 crore in FY23. Now, in other developments, it is assumed that they are finalising a $100 million investment from Alta Capital that will be used for further expansion.