EkoStay has introduced Eko Estates, a new business vertical focused on freehold second-home ownership in the Western Ghats. Under the new offering, the company will also manage the properties on behalf of their owners, combining holiday home ownership with professional property management and rental income opportunities.
The first Eko Estates development features six freehold villas in Kawnai, Igatpuri, situated approximately 600 metres above sea level. The properties are priced between ₹2.75 crore and ₹4.80 crore. While two villas are ready for possession, the remaining four are scheduled for handover between February and April 2027.
Eko Estates offers two ownership and management arrangements, including an Assured Agreement designed for buyers seeking predictable rental income. Under this arrangement, EkoStay will manage the villa and provide owners with a contracted annual rental yield of up to 10 per cent for 48 months. The company will credit the agreed rental payment by the 10th of every month, irrespective of whether the property generates occupancy during that period.
The rental rate is fixed at the time of signing the agreement and calculated on the property’s purchase price. According to EkoStay, its operating entity, EkoStay LLP, which manages the company’s existing holiday home portfolio, will fulfill the rental commitment.
Under the Assured Agreement, owners can also use their villas for 24 weekday nights annually.
Alternatively, buyers can select the Private Use option, which allows them to retain unrestricted access to their properties throughout the year without a fixed rental commitment. Eko Estates will manage the villa and generate rental revenue through a revenue-sharing arrangement whenever the owner is not using it. Additionally, owners can switch to the Assured Agreement at a later stage.
According to the company, both arrangements offer the same property ownership and title structure.
Each villa is being sold as a freehold property, with the land registered directly in the buyer’s name. EkoStay said prospective buyers can review the 7/12 extract and Non-Agricultural (NA) order during the documentation process to verify the property’s land records and legal status.
The villas come fully furnished and include private swimming pools, staff quarters, water storage facilities, power backup, covered parking, landscaped lawns, and decks. Other amenities include air conditioning and Wi-Fi connectivity.
Each development comprises fewer than eight units and, according to EkoStay, qualifies for exemption from MahaRERA registration under Order 25A/2023.
EkoStay already operates holiday homes in Igatpuri, providing the company with an established operational presence in the destination. The company said the region attracts visitors throughout the year, including during the monsoon season, when rainfall forms an important part of its tourism appeal.
Consequently, the villas incorporate construction features suited to the local climate, including drainage systems, waterproofing, and ventilation designed to address the region’s weather conditions.
The company also stated that Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) can purchase the villas under the Reserve Bank of India’s general permission for residential property acquisitions, as the land has already been converted for non-agricultural use.
Varun Arora, co-founder of EkoStay, said, “Your capital is almost certainly earning less than you think. We’ve run other people’s holiday homes for eight years, and we know what they actually earn and what a Mumbai apartment or a commercial unit earns next to them. A rental that’s contracted and lands on the 10th of every month, full house or empty house, is a different thing from a projection in a brochure. That certainty is what someone is buying. The villa is the thing it comes attached to.”
Husain Khatumdi, co-founder of EkoStay, said, “The first villas in this portfolio were built to be run, not to be sold, and they’ve been hosting EkoStay guests for over a year. Every house here starts from its plot: where the light falls, where the hills sit, and how the rain moves across the land. The rooms open to the view and the pools face the valley. We’re putting our name on the construction because we’re the ones who’ll be living with it, every weekend, for the next four years.”
Sohail Mirchandani, COO and co-founder of EkoStay, said, “Most of what goes wrong with a house in the Ghats is paperwork. Agricultural land sold as if it were buildable, a title that doesn’t survive a bank’s checklist, and a return that was never more than a projection. We’ve removed all of it. Clear and marketable freehold title, the NA order in hand, the 7/12 extract on the table before anyone asks, and a rental paid by the same entity that runs 175 villas. If a buyer’s lawyer wants a week with our documents, that’s exactly what we’d want.”
Zishan Khan, co-founder of EkoStay, said, “Buyers at this level split cleanly into two groups, and forcing them into one product loses half of them. Some want income; some want weekends. So we run two options, and the second one still lets the house earn. You own the villa outright either way. The only thing that changes is who runs the house and how it earns while you’re not in it.”
EkoStay stated that Igatpuri is located approximately 150 kilometres from Mumbai, with a road journey of around three hours and 40 minutes via the Mumbai-Nashik highway and Kasara Ghat. The villas are also approximately 20 minutes by road from Igatpuri railway station. The company will arrange pickup services for property owners and guests, further facilitating access to the development.
With Eko Estates, EkoStay is expanding beyond holiday home management into freehold second-home ownership, offering buyers a choice between contracted rental income and flexible personal use. The new vertical combines property ownership, hospitality management, and rental opportunities within the Western Ghats leisure property market.
