Shapoorji Pallonji’s platform Joyville sells 800 housing units in Pune for around Rs 400 crore

Business conglomerate Shapoorji Pallonji’s mid-income housing platform Joyville has offered over 800 items in its new housing undertaking in Pune for round Rs 400 crore on improved demand submit lockdown.

Last month, the corporate had stated it could make investments round Rs 1,200 crore to develop a brand new residential undertaking in Pune. Joyville is a USD 200 million platform by Shapoorji Pallonji Group, ADB, IFC and Actis to develop aspirational housing initiatives in India.

Shapoorji Pallonji has offered over 800 residences. These flats have been offered in a value vary of Rs 37.5 lakh to Rs 78 Lakh, the corporate stated in a press release on Monday. Sources stated the overall gross sales bookings in worth phrases can be round Rs 400 crore. The firm witnessed excessive traction from residence consumers in the course of the launch interval and obtained round 1,500 Expression of Interests (EoI). 

Housing demand has improved from July onwards after it was affected severely throughout April-June interval as a result of Covid-19 pandemic.

Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate, stated “The success of the project validates the trust of our valued homebuyers on the brand Shapoorji Pallonji and its 155-years of legacy.”

Shapoorji Pallonji final month launched a 21-acre housing undertaking in East Pune. The undertaking ‘Joyville Hadapsar Annexe’ will probably be developed in phases. The complete items on this undertaking will probably be greater than 2,700. The 21-acre undertaking is a component of a bigger improvement which is over 200 acre and homes the stud farm of the Shapoorji Pallonji household. This is the second residential undertaking in Pune beneath ‘Joyville’ model.

Joyville Hinjawadi (West Pune) was launched in 2018 and is totally offered out. Overall, that is the fifth undertaking of Joyville. The estimated price of this new housing undertaking is round Rs 1,200 crore, Sriram Mahadevan, MD of Joyville Shapoorji Housing, had informed PTI final month.

“We have been noticing that over the past few years, there is a flight to quality by customers and Covid-19 has hastened the process further. Customers are looking forward to quality and trusted brands for reposing their faith for home purchase,” Mahadevan stated.

Shapoorji Pallonji Real Estate has a improvement pipeline of over 80 million sq. ft and is seeking to double its prime line within the subsequent 2 to three years. It is planning to launch new initiatives and new phases in its current initiatives in MMR, Pune, Gurugram, Bangalore and Kolkata by this fiscal yr.