Shapoorji Pallonji Announces Maiden Housing Project In NCR Of Rs. 12, 000 Crore

Shapoorji Pallonji

Top business conglomerate Shapoorji Pallonji has finally entered the NCR real estate market. The company has announced an Rs. 12, 000 crore housing project in the region.

Shapoorji Pallonji’s maiden project in NCR will be located in Gurugram Sector 102. Named as Joyville Gurugram, the project will be spread over 18-acre land on Dwarka Expressway.

The project will be developed by a USD 200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis.  There will be 516 flats in the first phase of the project, which will be priced from Rs. 58 lakhs to Rs. 1.05 crore. The total units in this project would be 1,500 that will be developed across three phases.

“Joyville is a brand that is looking at other job-creating metro cities,” Joyville Shapoorji Housing MD Sriram Mahadevan told Moneycontrol. “Our second project in Pune is in the final stages. We are in advanced stages of talks in Bengaluru, Chennai, and Hyderabad.”

The land parcel was bought by Joyville from BPTP and is fully paid. The construction of the project will start soon and is expected to get completed in four-and-half years.

Mahadevan also expressed the hope that the 18-km long Dwarka Expressway would be fully operational by the time the project is completed. Joyville Gurugram will be the fourth project of the platform with other three in different stages of development at Kolkatta, Mumbai, and Pune.

The Shapoorji Pallonji’s NCR project will reportedly be adapted to the region’s requirements. Like, keeping in mind the high pollution level, Mahadevan said the company would install outdoor air pollution controllers in kids’ play area, common walkways, garden areas, club houses, and similar outdoor locations within the campus.

The firm will also launch two other projects in Gurugram Sector 113,  a joint venture with M3M, and Noida Sector 150, a JV with Lotus Greens, very soon.

Shapoorji Pallonji has some 80-90 million square feet of development planned in the next three years. The projects are planned to be developed across MMR, Pune, Bengaluru, Hyderabad, Kolkatta, Delhi, Gurugram, Noida and Mohali.

LEAVE A REPLY

Please enter your comment!
Please enter your name here