Shapoorji Pallonji Joyville's Property Sales Double to Rs 1,100 Cr

Shapoorji Pallonji's housing platform Joyville sold properties worth around ?1,100 crore in the last financial year, double from the previous year, on strong demand for its apartments amid low-interest rates on home loans. Joy

BY Realty Plus
Published - Saturday, 26 Jun, 2021

Shapoorji Pallonji Joyville's Property Sales Double to Rs 1,100 Cr

Shapoorji Pallonji's housing platform Joyville sold properties worth around ?1,100 crore in the last financial year, double from the previous year, on strong demand for its apartments amid low-interest rates on home loans. Joyville, which is a ?1,240 crore platform established by Shapoorji Pallonji, ADB, IFC and Actis, has so far launched six housing projects in four major cities. Joyville Shapoorji Housing Managing Director Sriram Mahadevan said the financial year 2020-21 was "the best year" for Joyville despite the COVID-19 pandemic. "In terms of volume, we sold around 2,000 properties during the 2020-21 fiscal, up 150 per cent from the previous year in which we sold 800 units. The sales bookings in value terms doubled to ?1,100 crore last financial year from ?550 crore in the 2019-20 financial year," he told. He attributed various factors for the company's robust performance during the last fiscal year. These include pent up demand because of the nationwide lockdown, low interest rates on home loans, Maharashtra government's decision to cut stamp duty on registration of properties and new launches of projects by the company across various cities. On business expansion, he said the company is looking to acquire some land parcels in Mumbai and Pune. So far, six housing projects have been launched under the Joyville platform -- three in Pune and one each in Mumbai, Kolkata and Gurugram. During the last financial year, Joyville launched two new projects in Pune. It also started a new phase of its housing projects in Gurugram, Haryana, and Kolkata. Apart from this platform, Shapoorji Pallonji group firm Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft.