Shapoorji Pallonji enters Delhi-NCR realty market with Rs 1200-crore housing project

| | gurugram
  • 0

Shapoorji Pallonji enters Delhi-NCR realty market with Rs 1200-crore housing project

Thursday, 10 January 2019 | PTI | gurugram

Business conglomerate Shapoorji Pallonji on Wednesday announced its entry into the Delhi-NCR market and said it would develop a housing project here with an estimated investment of Rs 1,200 crore.

The project ‘Joyville Gurugram’, spread over 18 acre land on Dwarka Expressway, will be developed by a USD 200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis.

The group will develop 516 flats in the first phase of the project and is selling them in a price range of Rs 58 lakh to Rs 1.05 crore. The total units in this project would be 1,500 in three phases.

“We are entering into the Delhi-NCR which is the biggest real estate market in the country. We are launching a housing project at Sector 102 in Gurugram,” Joyville Shapoorji Housing MD Sriram Mahadevan told reporters here.

He expressed hope that the 18-km long Dwarka Expressway would become operational by the time the project is completed. “The NCR market has bottomed out. We expect good traction in this project,” Mahadevan and added, “The estimated cost of this housing project is around Rs 1,200 crore,” he told PTI on the sidelines.

The group had bought this land parcel from another real estate developer, BPTP Ltd, and the land is fully paid. The construction of the project will start soon and is expected to get complete in four-and-half years.

With the launch of this project, he said, the company has launched development of 9.5 million square feet under the Joyville platform.

This is the fourth housing project under this platform. It is already developing housing projects at Howrah-Kolkata, Mumbai and Pune.

Keeping the pollution level of the region in mind, Mahadevan said the company would install outdoor air pollution controllers in children’s play areas, common walkways, garden areas, club house and similar outdoor locations within the project.

Mahadevan said the company would launch two other housing projects in Gurugram and Noida, but those would not be under this platform.

Outside this development platform, Shapoorji Pallonji Real Estate is currently developing four projects.

The company has 80-90 million square feet of development in the pipeline. Out of this, it is launching 35 million sq ft this fiscal, an equal number in the next year and the rest in the third year. The projects would be developed across its product portfolio and in cities like Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Howrah (near Kolkata), Delhi, Gurugram, Noida, Mohali.

State Editions

Outsourced govt employees fail to protest due to police action

03 October 2024 | Staff Reporter | Bhopal

Sitaram Adivasi adjusted in Sahariya Authority, relief to Rawat

03 October 2024 | Girish Sharma | Bhopal

Miscreant fails to snatch hand-bag, mobile phone, caught

03 October 2024 | Staff Reporter | Bhopal

23 from the State stranded in Nepal being rescued: CM

03 October 2024 | Staff Reporter | Bhopal

BHEL celebrates Gandhi Jayanti

03 October 2024 | PNS | Bhopal

AIIMS Bhopal launches ‘HBV Safe @ AIIMS Bhopal’ digital portal

03 October 2024 | Staff Reporter | Bhopal

Sunday Edition

Durga puja | A symphony of tradition and transformation

29 September 2024 | Gyaneshwar Dayal | Agenda

A Taste of Home Away from Home

29 September 2024 | SAKSHI PRIYA | Agenda

Sip the Essence of Asia: A Unique Beverages Experience

29 September 2024 | Sharmila Chand | Agenda

Moscow | A Journey Through Time: From Soviet Shadows to Modern Marvels

29 September 2024 | Gyaneshwar Dayal | Agenda

The tuning fork | Actions Have Corresponding Consequences

29 September 2024 | C V Srikanth | Agenda

Nurpur | A journey through hidden forts and spiritual treasures

22 September 2024 | Aditi Sharma | Agenda