Shapoorji Pallonji to invest Rs 750 cr on Housing project

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Shapoorji Pallonji to invest Rs 750 cr on Housing project

India’s one of the biggest real-estate company Shapoorji Pallonji is all set to invest around Rs 750 crore to develop a new housing project in Pune. Joyville Shapoorji Housing is a USD 200 million platform set up by Shapoorji Pallonji, ADB, IFC and Actis to develop housing projects.
Reportedly the company will develop nearly 1,350 housing units, including duplexes and penthouses, in this new 9-acre project with an estimated sales revenue of over Rs 1,000 crore.
“We have acquired about 9-acre land near Hadapsar in Pune to develop a new project,” Joyville Shapoorji Housing Managing Director Sriram Mahadevan was quoted saying.
He further added that the total development potential of this project is around 13 lakh square feet.
“In the first phase, we are launching two towers comprising 168 duplexes and penthouses. We did a survey that suggested that there is a great demand for this type of product as people want to upgrade their lives,” Mahadevan said.
The total development cost is estimated around Rs 700-750 crore.
The towers will have 168 duplexes and penthouses with carpet areas of 1,220 to 1,326 square feet. The cost of duplexes will be Rs 1.45 crore onwards.
Mahadevan highlighted this is the seventh project of Joyville platform and fourth in Pune. It has launched one project each in Howrah (Kolkata), Mumbai and Gurugram.