Shapoorji Pallonji’s Joyville to Invest Rs 400 Crore in Housing Project at Gurugram

Shapoorji Pallonji's Joyville to Invest Rs 400 Crore in Housing Project at Gurugram

In January 2019, the company had launched the first phase of the 18-acre project

Business conglomerate Shapoorji Pallonji’s real estate platform Joyville will invest around Rs 400 crore to develop the third phase of its housing project in Gurugram as demand for residential properties has recovered from June last year.

Joyville Shapoorji Housing MD Sriram Mahadevan said the housing sales were hit badly during the April-June quarter of this fiscal year due to the pandemic, but demand has improved significantly thereafter. Joyville is a $200 million mid-income housing platform established by Shapoorji Pallonji, ADB, IFC and Actis.

In January 2019, the company had launched the first phase of the 18-acre project ‘Joyville Gurugram‘ on Dwarka Expressway in Gurugram, Haryana. The second phase was launched in June, 2019. It launched the third and last phase of its housing project in Gurugram where it will develop more than 400 units.

The first phase was launched at Rs 5,800 per sq ft, the unit in the third phase costs around Rs 7,200 per sq ft. The Joyville platform is developing around 1,500 units in all three phases of the project with a total investment of Rs 1,200 crore. It bought the land parcel from another real estate developer BPTP.

So far, six projects have been launched under the Joyville platform, of which three are in Pune and one each in Mumbai, Kolkata and Gurugram. In December last year, the company launched a new housing project, ”Sensorium” in Hinjawadi, West Pune, spread over 10-acre and comprising over 1,100 flats, with an investment of about Rs 700 crore. Before that, in October, a 21-acre housing project, “Joyville Hadapsar Annexe” was launched in East Pune, comprising more than 2,700 units.

The platform has started the handover process of Phase 1 at Joyville Howrah (near Kolkata) as per the timeline and is planning to begin the handover process of Phase 1 at Joyville Virar (near Mumbai). The construction works are underway in the other housing projects.

Apart from this platform, Shapoorji Pallonji group firm Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft.

Source : Construction Week Online

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