Shapoorji Pallonji Forays Into NCR Real Estate, Set To Launch 3 Projects This Fiscal

Mumbai-based business conglomerate Shapoorji Pallonji Group’s real estate arm is set to step into NCR real estate. The firm has plans to launch three projects in Delhi- NCR this fiscal, which will mark its foray into the market.

Shapoorji Pallonji’s real estate arm reportedly has plans to launch nearly 35 million sq ft of projects across its existing markets this fiscal year. The projects will be developed across its product portfolio and in cities like Mumbai, Delhi- NCR, Bengaluru, Kolkata, Hyderabad, and Pune.

“We have been looking at the NCR market since 6-7 years, but were able to buy land only in the last one year as now we are seeing the prices softening,” Money Control quoted Group CEO Venkatesh Gopalakrishnan as saying. “We saw this as an opportunity to build a product and sell it at a reasonable and affordable price.”

Shukhobrishti, the 150 acres township by Shapoorji Pallonji in Kolkatta

Shapoorji Pallonji’s NCR project will be located on the northern Peripheral Road in Gurgaon. Spread across nearly 1.2 million sq ft,  the company is developing a mid-income project under the Joyville brand.

On the same road, the firm will launch another project in the range of Rs 90 lakh and above. The company also has land in Noida where they will soon announce another project in the coming months.

Speaking about the product mix, Gopalakrishnan revealed that nearly 40 percent of the residential project portfolio is under the joint venture model, while 20 percent under the development management (DM) and 10 percent in joint development. Noteworthy here is that not only NCR, the company’s projects in Mumbai, Pune and Kolkatta are also mid income projects, apart from a few luxury projects.

Apart from NCR, Shapoorji Pallonji is set to make big strides in Bengaluru real estate market as well. The firm is expected to launch over a dozen of projects in the city over next three years.

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