Business conglomerate Shapoorji Pallonji's housing platform Joyville will invest around Rs 750 crore to develop a new housing project in Pune.
Joyville Shapoorji Housing is a $200 million platform set up by Shapoorji Pallonji, ADB, IFC and Actis to develop housing projects.
The company will develop nearly 1,350 housing units, including duplexes and penthouses, in this new 9-acre project with an estimated sales revenue of over Rs 1,000 crore.
"We have acquired about 9-acre land near Hadapsar in Pune to develop a new project," Joyville Shapoorji Housing Managing Director Sriram Mahadevan told PTI.
He said the total development potential of this project is around 13 lakh square feet.
"In the first phase, we are launching two towers comprising 168 duplexes and penthouses. We did a survey that suggested that there is a great demand for this type of product as people want to upgrade their lives," Mahadevan said.
Asked about the project cost, he said the total development cost will be around Rs 700-750 crore.
"We are expecting sales revenue of more than Rs 1,000 crore from the entire project," Mahadevan said. The first phase comprises the 'Sky-Luxe Edition' of duplexes and penthouses.
The towers will have 168 duplexes and penthouses with carpet areas of 1,220 to 1,326 square feet.
The cost of duplexes will be Rs 1.45 crore onwards.
The company will develop this entire project in phases over the next 5-6 years.
"We are happy to add this project to our growing portfolio and strengthen our presence in the Pune market," Mahadevan said. Rapid infrastructure development has increased residential demand in Hadapsar, he added.
Mahadevan highlighted this is the seventh project of Joyville platform and fourth in Pune. It has launched one project each in Howrah (Kolkata), Mumbai and Gurugram.
Mahadevan said that delivery of all the projects is on schedule.
According to property consultants, housing demand bounced back strongly in 2022 to beat sales achieved in 2019, pre-COVID level.
The consolidation of demand and new supply towards credible players has accelerated.
Almost all large listed players are reporting sharp growth in sales bookings in every quarter post second wave of the pandemic, despite increase in interest rates on home loans by around 2 percentage points since May 2022.
