Realty firm The Isprava Group has raised Rs 160 crore from investors, including Symphony International Holdings, to expand business. With this round of corporate-level funding, the company said in a statement that its both brands — Isprava and Lohono Stays — will use the funds to increase their footprint across India and other key countries. It will also develop and broaden the present brand portfolio, technology and product development. The Isprava Group, founded by Nibhrant Shah, Dhimaan Shah and Rohan Lamba, is a non-urban, luxury home developer.
In six years, Isprava has delivered over 160 homes with an additional 270 homes under various stages of construction in locations such as Goa, Alibaug, Kasauli and the Nilgiris. The group’s hospitality business Lohono Stays is into luxury rental homestay market.
Lohono Stays offers ultra-luxury, fully serviced homes for rent and currently has over 200 properties in India with an additional 250 properties in Southeast Asia, including Bali, Phuket and the Maldives. Symphony International Holdings Ltd is a London listed, strategic investment company and it’s investment manager Symphony Asia is based in Singapore.
Nibhrant Shah, Co-founder and CEO of Isprava Group, said, “Isprava and Lohono Stays have both witnessed exponential growth in the last few years. We have grown 104 per cent year-on-year since 2017-18.” Dhimaan Shah, Co-founder and COO of Isprava Group, said, “The demand for luxury homes in non-urban locations has grown manifold in the past three years.”
According to India Sotheby’s International Realty, prices of luxury properties appreciated by 8-12 per cent during the last year across major cities and has breached the 2015 peak level.