Shapoorji Pallonji Launches 18-Acre Project In Gurgaon

Construction major Shapoorji Pallonji’s real estate arm has forayed into the National Capital Region market, with the launch of its first project in Gurgaon. The project, being launched under its housing banner Joyville, will be developed on a 18-acre land parcel in Gurgaon’s Sector 102, with an investment of Rs 1,200 crore.

The company has already launched three projects under the Joyville banner, a platform developed by a $200-million conglomerate that includes Shapoorji Pallonji, ADB, IFC and Actis. The company is developing one project each in Kolkata, Mumbai and Pune under this banner.

The project, Joyville Gurugram, will offer 1,500 apartments that will be constructed across three phases, priced between Rs 58 lakh to Rs 1.05 crore. In the first phase, 516 apartments will be constructed. The project is expected to be completed in four- and- a- half years.

“We select locations, which are already developed or about to reach that stage. We are hopeful that the 18-km Dwarka Expressway would become operational by the time the project is complete,” Joyville Shapoorji Housing Managing Director Sriram Mahadevan was quoted by MoneyControl.com as saying.

“This translates into roughly a pipeline of 13,000 units, out of which we have launched 8,500 units till date. We hope to add another 4 million sq ft or a total of almost 14 million sqft by the end 2019 financial year,” Mahadevan said.

Vouching on the NCR market, the company plans to expand its wings here and soon launch two more housing projects, one in Gurgaon Sector 113 and one in Noida Sector 150.