As I understand it, there is a big real estate boom going on around New Delhi and frankly at this point it's way past the housing-bubble-going-to-go-bust phase.
Think about it, what would you do if you were a real estate developer who knows the gravy train is about to come to an end soon but have properties that need off loading? Sink in a few more mil to generate some hype, off load it on the suckers who bite and get out before the end of the cliff. That sensational hype is Sharapova's name. I know, it still evokes a wtf reaction, but I one man's wtf is another man's 'hey that's cool' (especially in white-skin loving India)
Sharapova has absolutely no down side either. She essentially gets her endorsement chunk upfront with some riders for a bonus based on sales, but if the whole thing goes down in flames, no worries, that's not her primary market anyway. Her image is a bigger deal in the states where most of her sponsors (and their target audience) are.