Mint

 

Mumbai: From setting up offshore offices and organizing events to helping find tenants, luxury home builders are trying every trick in the book to boost sales, apart from offering discounts and flexi-payment schemes.

Even as mid-income housing is taking off, luxury project launches fell 70% last year, said a report by property consultant Cushman & Wakefield. Sales of homes costing more than ₹ 2 crore across eight top cities fell 7% in the March quarter from the preceding three months, although sales grew on a yearly basis, said a report by Liases Foras.

Mumbai-based Isprava, backed by Godrej Group and Anand Piramal, too helps find tenants and provides maintenance services. Isprava CEO Nibhrant Shah said this strengthens the brand and expands the pool of potential clients. “We currently have four homes on rent, and by the end of this financial year, we would have over 15 homes in our rental inventory,” Shah said.

The company sells villas with prices ranging from ₹ 3 crore to ₹ 30 crore. Its upcoming villas include Whitehall and Albany Cottage in Nilgiris, and Villa Bela Piante in Goa.