Chennai, March 1 -- Krishnamohan Narayan doesn't shy away from taking calculated risks. When India and the world were hunkering down indoors during the covid pandemic, the former managing director of the Indian arm of German chemical major BASF was standing on an empty plot of land in Goa's Vagator locality. He had just finalized a Rs.5.2 crore purchase of a three-bedroom pool holiday villa after a short meeting with the founders of luxury real estate company Isprava.

"The idea was clear from the beginning," said Narayan, 54, who returned to India in 2019 after spending around two decades abroad. "I wanted to stay there when I had time, but the rest of the year I wanted it let out."

Narayan took possession in March 2023 and listed short...