Shapoorji Pallonji Real Estate (SPRE) has entered a joint venture with Gurgaon headquarters Kanodia’s real estate venture (KREEVA) to develop a luxury residential project in Sector 46 in Gurugram.
In April this year, Kanodia Group had acquired a 1.74-acre land for Rs 153 crore.
The project will consist of luxury apartments, and the company is expecting Rs 1,200 crore revenue from it.
“This collaboration is in line with our vision of expanding our footprint in key markets across India while delivering high-quality residential projects that cater to the evolving needs of homebuyers,” said Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO, Shapoorji Pallonji Real Estate (SPRE).
This is Shapoorji Pallonji Real Estate’s second project in Gurugram.
“By leveraging the combined strengths of both companies, we are confident in delivering an unparalleled, world-class living experience that sets a new standard for luxury in one of Gurugram’s most prestigious locations,” said Gautam Kanodia, Founder, KREEVA and Co-Founder, Kanodia Group.
With a development potential of over 142 million square feet, SPRE has made inroads into most Indian cities—Mumbai, Pune, Bangalore, Gurugram, and Kolkata—with a variety of developments, from luxury apartments and opulent residences to aspirational homes for mid-income homebuyers as well as one of the largest mass housing projects in India.
While Kanodia Group is a conglomerate originally established as a player in cement industry, has now expanded its portfolio to sectors such as hygiene, building solutions, media, real estate.
The project is scheduled to be launched by the end of this year and is expected to be completed within 48 to 60 months.
The acquired land by Kanodia Group is conveniently located near Medanta Hospital and Huda City Center Metro station. A premium mixed-use project is also under development by IKEA in close proximity to this land.
Kanodia group has committed to investing more than Rs 5000 crore in the industry over the next 5-7 years with its commitment to launching a series of real estate projects with a global outlook.
Source : ET
