Joyville Shapoorji to invest Rs 400 cr in Gurugram housing project
Indian business conglomerate Shapoorji Pallonji's real estate platform Joyville will invest around Rs 400 crore to develop the third phase of its housing project in Gurugram as residential property demand has recovered from June last year, a senior company official said recently.
Joyville is a Rs 1,457 crore mid-income housing platform established by Shapoorji Pallonji, IFC, ADB and Actis.
The company had launched the first phase of the 18-acre project 'Joyville Gurugram' on Dwarka Expressway in Gurugram in January 2019. The second phase was launched in June 2019.
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There had been a price appreciation in this project over the last two years, said Mahadevan. In contrast, the first phase was launched at Rs 5,800 per sq ft. The unit in the third phase costs around Rs 7,200 per sq ft.
The Joyville platform is developing around 1,500 units in all three phases of the project with a total investment of Rs 1,200 crore. It bought the land parcel from another real estate developer BPTP Ltd.
Six projects have been launched under the Joyville platform so far, out of which three are in Pune and one each in Gurugram, Kolkata and Mumbai.