Shapoorji Pallonji to invest Rs 400 cr on second phase of Gurugram project

Business conglomerate Shapoorji Pallonji Wednesday announced the second phase of its housing project in Gurugram with an investment of Rs 400 crore.

In January this year, the company had launched the first phase of the 18-acre project 'Joyville Gurugram' on Dwarka Expressway.

The project is being developed by a USD 200 million (about Rs 1,400 crore) platform established by Shapoorji Pallonji, ADB, IFC and Actis.

"After the successful launch of our first phase, we are now launching the second phase comprising 516 units," Joyville Shapoorji Housing MD Sriram Mahadevan told reporters here.

The company will sell apartments in a price range of Rs 65 lakh to Rs 1.2 crore.

Shapoorji Pallonji Group will develop 1,550 units in three phases of the project with a total investment of Rs 1,200 crore.

Mahadevan said the first phase of this project, having 516 flats, is completely sold out.

He expressed hope that the 18-km long Dwarka Expressway would become operational by the time the project is completed.

The group had bought the land parcel from another real estate developer, BPTP Ltd, and the land is fully paid.

The construction of the project has already started.

With the launch of this project, he said, the company has launched development of 9.5 million sq ft under the Joyville platform.

This is the fourth housing project under this platform. It is already developing housing projects at Howrah-Kolkata, Mumbai and Pune.