Gurugram,
Jan 9 Business conglomerate Shapoorji Pallonji on Wednesday announced its entry
into the Delhi-NCR market and said it will develop a housing project here with
an estimated investment of Rs 1,200 crore.
The
project ‘Joyville Gurgaon‘,
spread over 18 acre land on Dwarka Expressway, will be developed by a USD 200
million platform established by Shapoorji Pallonji, ADB, IFC and Actis.
The
group will develop 516 flats in the first phase of the project and is selling
them in a price range of Rs 58 lakh to Rs 1.05 crore. The total units in this
project would be 1,500 in three phases.
“We
are entering into the Delhi-NCR which is the biggest real estate market in the
country. We are launching a housing project at Sector 102 in Gurugram,”
Joyville Shapoorji Housing MD Sriram Mahadevan told reporters here.
He
expressed hope that the 18-km long Dwarka Expressway would
become operational by the time the project is completed.
“The
NCR market has bottomed out. We expect good traction in this project,”
Mahadevan said.
“The
estimated cost of this housing project is around Rs 1,200 crore,” he told on
the sidelines.
The
group had bought this land parcel from another real estate developer, BPTP Ltd,
and the land is fully paid. The construction of the project will start soon and
is expected to get complete in four-and-half years.
With
the launch of this project, he said, the company has launched development of
9.5 million sq ft under the Joyville platform.
This
is the fourth housing project under this platform. It is already developing housing
projects at Howrah-Kolkata, Mumbai and Pune.
Keeping
the pollution level of the region in mind, Mahadevan said the company would
install outdoor air pollution controllers in children’s play areas, common
walkways, garden areas, club house and similar outdoor locations within the
project.
Mahadevan
said the company would launch two other housing projects in Gurugram and Noida,
but those would not be under this platform.
Outside
this development platform, shapoorji pallonji gurgaon is currently developing
four projects.
The
company has 80-90 million sq ft of development in the pipeline. Out of this, it
is launching 35 million sq ft this fiscal, an equal number in the next year and
the rest in the third year.
The
projects would be developed across its product portfolio and in cities like
Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Howrah
(near Kolkata), Delhi, Gurugram, Noida, Mohali.
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