Mumbai: Shapoorji Pallonji Group forayed into the National Capital Region (NCR) on Wednesday with the launch of the first residential project under its mid-income housing brand, Joyville, in Gurugram. The company plans to invest around 1,200 crore to develop the project. This is the fourth project under the Joyville brand. It is already present in Kolkata, Virar and Pune.

In 2015, the group joined hands with Standard Chartered Private Equity, International Finance Corporation (IFC) and the Asian Development Bank (ADB) to form the $200-million investment platform Joyville to build 20,000 homes across the country.

Spread over 18 acres, Joyville Gurugram will have 516 apartments in the first phase, the company said in a statement. The development offers different unit configurations of two bedroom and three-bedroom flats. Prices of apartments range from 58 lakh to 1.05 crore.

“We have witnessed a huge demand for quality aspirational homes delivered on time by trusted brands in the NCR market, and that is the space which Shapoorji Pallonji Group wants to seize. We are confident that our newly launched project will meet customers’ expectations for an aspirational living in this residential market," according to Sriram Mahadevan, managing director, Joyville Shapoorji Housing.

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