Chairman Kumar Sangakkara and CEO Reza Magdon-Ismail offer fully serviced and income-generating coastal homes as an accessible international alternative for Indian investors.
For Indian investors seeking luxury second homes, traditional domestic coastal havens are becoming increasingly saturated and prohibitively priced. As buyers look further afield for exclusivity and better value, Sri Lanka has naturally emerged as a compelling alternative. Recognising this shift, Crystal Property Group (CPG), the luxury developer chaired by former Sri Lanka cricket captain Kumar Sangakkara, has officially opened its branded residence portfolio to the Indian market.
Founded by Sangakkara and Chief Executive Officer Reza Magdon-Ismail, CPG offers foreign buyers full freehold ownership of coastal and highland properties. It is a sophisticated international investment that sidesteps the congestion of domestic real estate markets while remaining just a short flight away. Sangakkara brings a long-standing interest in architecture and design to the board, and Reza has successfully navigated the island’s recent economic hurdles to build a reliable delivery track record.
Sangakkara believes that investor confidence relies entirely on dependable project execution. “Trust is the foundation of everything we do, and we aim to under-promise and over-deliver. For an Indian buyer evaluating Sri Lanka, the island’s natural appeal is already established. The decisive factor is whether the developer will deliver what was promised on schedule and support the property long term. That is the standard we hold ourselves to,” said Sangakkara.
Acquiring property across the Palk Strait is straightforward. Sri Lankan real estate regulations allow foreign nationals to hold full freehold titles on condominiums, provided the funds move through official Inward Investment Accounts (IIA) prior to completion. CPG’s developments, including the 45-unit Mira project on Weligama Bay, operate smoothly within this framework. Furthermore, the company’s standalone villa projects also provide freehold ownership so Indian buyers can secure beachfront land titles outright.
What truly separates these properties from a standard domestic holiday home is the operational model. Every CPG residence is delivered fully furnished and integrated directly into a working resort. Owners gain immediate access to complete hotel amenities alongside a dedicated rental programme that generates commercial yields while the property remains unoccupied. Unlike many standard branded residence schemes that enforce strict blackout dates, CPG allows owners unlimited personal use of their homes throughout the entire year.
This expansion is grounded in a proven portfolio of operating developments. Crystal Sands in Hikkaduwa opened as the south coast’s first fully serviced mid-rise project in May 2022 and completely sold out. Following this success, The Six, a collection of bespoke beachfront villas in Weligama priced at approximately USD 2 million each, sold half its inventory within two weeks of launch. Since opening in December 2023, The Six has maintained a 65 per cent occupancy rate and secured the highest average daily room rates in the country. In the lush central highlands, the Digana development offers wellness residences starting from USD 815,000, and Mira provides elegant suites right on Weligama Bay.
All hospitality operations are managed by The One Group of Hotels (TOGOH), which is CPG’s in-house management arm. This setup ensures continuous property maintenance and steady revenue generation. Reza points to the company’s ability to deliver during volatile market conditions as their most significant credential.
“We built and handed over keys through a currency collapse, a fuel crisis, and severe construction industry disruptions. That track record is the most meaningful credential we can present. Indian buyers have access to luxury options worldwide, so we do not ask them to speculate on macroeconomic conditions. Instead, we show them completed, income-producing properties that they can visit and inspect immediately,” said Reza.
CPG’s entry into the Indian market is naturally bolstered by Sangakkara’s enduring public profile across the subcontinent. His leadership offers a familiar sense of trust, while Reza oversees the operational delivery backed by three completed developments.
The geographic proximity further strengthens the proposition. Direct flights from Chennai, Bengaluru, Mumbai, and Delhi range between one and three and a half hours. This makes a beachfront villa in Sri Lanka quicker to reach from several Indian cities than comparable properties in domestic coastal markets, and it comes at a highly competitive price point.
Ultimately, the investment model removes the typical headaches of overseas real estate. The residences are fully serviced and generate passive income without demanding active management, and financial transactions follow clear statutory guidelines. For an investor looking beyond India’s familiar coastal markets, it presents a seamless transition into international property ownership.
About Crystal Property Group:
Crystal Property Group develops luxury residential and resort real estate across Sri Lanka’s south coast and central highlands. The company is chaired by Kumar Sangakkara and led by Chief Executive Officer Reza Magdon-Ismail. Hospitality operations across its portfolio are managed by its subsidiary, The One Group of Hotels.
