Shapoorji Pallonji has announced its entry into the Delhi-NCR market. The business conglomerate is expected to develop a housing project in the Delhi-NCR region with an estimated investment of Rs 12 billion.
Spread over 18 acre on the Dwarka Expressway, the project – Joyville Gurugram – will be reportedly developed by a US$ 200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis. Nearly 516 flats in the first phase of the project are expected to be developed by the group. The total units in this project would be 1,500 in three phases.
The land parcel has reportedly been bought by the group from another real estate developer BPTP. The construction of the project is expected to start soon and be completed in four-and-half years.
Besides, with the launch of this project, the company has launched the development of 9.5 million sq ft under the Joyville platform. The project will be the fourth housing project under this platform. The group is already developing housing projects at Howrah-Kolkata, Mumbai and Pune. The company has 80-90 mn sq ft of development in the pipeline, of which, it is launching 35 mn 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 such as Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Howrah (near Kolkata), Delhi, Gurugram, Noida, Mohali.