Shapoorji Pallonji's Invests Rs 400 Cr In Gurugram Housing Project
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 is a USD 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. The company has launched the third and the last phase of our housing project in Gurugram and will develop more than 400 units in this phase. There has been price appreciation in this project over the last two years. In contrast, the first phase was launched at ?5,800 per sq ft, the unit in the third phase costs around ?7,200 per sq ft.” The project cost for the third phase would be around ?400 crore. The Joyville platform is developing around 1,500 units in all three phases of the project with a total investment of ?1,200 crore. It bought the land parcel from another real estate developer BPTP Ltd. 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.
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