Mumbai-based luxury homes developer Isprava Vesta Pvt. Ltd said on Tuesday it has raised Rs 11 crore ($1.7 million) in a bridge round of funding from a clutch of high-net-worth individuals.
The investors included Godrej Industries Ltd managing director Nadir Godrej and Piramal Group executive director Anand Piramal, the developer said in a statement.
Isprava is developing luxury homes in Goa and the Nilgiris region in Tamil Nadu and has plans to expand to other locations. Nadir Godrej is on the board of Isprava.
Isprava was set up in 2013 by Nibhrant Shah. He is also the founder of Mumbai-based accounting services firm Themis Consultants LLP and has made an angel investment in health-snack startup Snackible.
Isprava has sold 14 villas in the past three years and is constructing about 30 more. In the Nilgiris region, it is developing holiday homes in Coonoor and Kotagiri. The villas cost between Rs 2.5 crore and Rs 25 crore.
Besides selling homes, the company also helps the buyers to rent out or lease out the properties.
Nadir Godrej said that the rental income makes these properties affordable for investors. Gross yield on the property varies from 7% to 9% while net yield after expenses can be 3% to 5%, he added.
