Shapoorji Pallonji's Joyville to invest ₹700 cr on new housing project in Pune

Business conglomerate Shapoorji Pallonji's mid-income housing platform Joyville on Tuesday announced development of a new housing project in Pune, comprising over 1,100 flats, as part of its strategy to expand presence in major property markets.

Joyville is a $200-million platform by Shapoorji Pallonji Group, ADB, IFC and Actis to develop housing projects in India.

This is the sixth project of Joyville and third in the Pune property market.

In a statement, Shapoorji Pallonji said it has launched a new residential project 'Sensorium' in Hinjawadi, West Pune.

Spread over 10 acres of land, this project will have over 1,100 premium 2 BHK and 3 BHK apartments. These flats are available at all inclusive price of ₹64.4 lakh onwards, it said.

Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate, said, "Pune is an important market for us with a demand for quality homes by trusted brands. This project addition fits well with our strategy of strengthening our presence across the country's leading real estate markets."

Shapoorji Pallonji did not mention the total investment to develop this project in the statement.

However, sources said it is estimated to be around ₹700 crore.

In October, Shapoorji Pallonji had launched a 21-acre housing project in East Pune. The project "Joyville Hadapsar Annexe" comprises more than 2,700 units. It has already sold more than 800 units for over ₹400 crore.

Despite COVID-19, the company said, it has already started the handover process of Phase 1 at Joyville Howrah (near Kolkata) as per the timeline and is planning to start the handover process of Phase 1 at Joyville Virar (near Mumbai) before time, again.

Similarly, construction works are on at Joyville Hinjawadi (West Pune) and Joyville Gurugram (Sector 102) and are expected to be completed as per the timeline.

Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft and is looking to double its top line in the next 2 to 3 years.

The real estate arm is planning to launch new projects and new phases in its existing projects in Mumbai Metropolitan Region (MMR), Pune, Gurugram, Bangalore and Kolkata by this fiscal year.