Shapoorji Pallonji Group launches its first affordable housing brand- Joyville

Known for being the king of innovation and value-driven approaches in the Indian construction Industry, the Indian multinational, Shapoorji Pallonji Group with an unparalleled experience garnered over 150 years, recently launched its first affordable housing brand-Joyville. The brand serves as an initiative to provide affordable housing for families that fall under the lower and middle income group segments focusing on the development of 20 mn sq ft across the country spanning cities of Mumbai, Pune, NCR, Chennai, Bengaluru, Kolkata and Ahmedabad in the next seven years in the first phase of the business plan. This initiative will comprise approximately 20,000 affordable residential housing units, to be built in accordance with green building principles and commercial profits. Enlightening about the new brand, Venkatesh Gopalkrishnan, President & CIO, Shapoorji Pallonji Real Estate, elaborated further on the ethos with which the brand was conceptualised, “All projects under Joyville aims to bring in happiness and a strong sense of social connect among people. Our brand focuses on the motto of ‘live to grow’. As facilitators, we have made an effort to fulfill the demands and desires of the people by taking into consideration all possible amenities of health-care facilities, recreation areas and many more.” Three of the top global financial investors, Asian Development Bank, International Financial Corporation and Standard Chartered Private Equity are said to cast anchor these projects along with SP group. Gopalkrishnan confirmed the same, “We have the most prestigious three investors supporting us to carry out these projects. Around Rs 9,000 to 10,000 crore have been invested behind Phase-I of the construction.” Apartments in Phase-I offer 1/1.5/2 BHK spaces, while 3BHK apartments will be included in the later phases. The ticket size of the projects would vary from 20 lakh per unit to 45 lakh per unit depending on the various cities being targeted. With the first project located in Howrah, Kolkata; the projects will be placed in suburban locations of the preselected cities. This venture will contribute to the Prime Minister’s ‘Housing For All’ mission of providing 20 million houses by 2020.