Shubhashish Homes investing Rs 200cr on first housing project in Jaipur

Realty startup Shubhashish Homes is investing around Rs 200 crore to develop its first housing project at Jaipur, in Rajasthan.

Shubhashish Group, founded by Chairman J K Jajoo, is based out of Jaipur and is into wealth management, packaging, logistics and real estate businesses.

The company, which launched its first group housing project in 2020, sold apartments worth Rs 96 crore in the 2022-23 fiscal, up 70 per cent from the previous year, Shubhashish Homes said in a statement.

"We are currently developing our first project, spread over 9.3 acre. We are constructing 400 units over four phases and the total project cost is about Rs 200 crore," said Mohit Jajoo, Executive Director and CEO, Shubhashish Group.

Shubhashish Homes has completed the first phase and will deliver the second phase in the next two months.

The company has spent Rs 100 crore so far on this mid-income housing project 'Shubhashish Geeta' and the remaining Rs 100 crore will be invested in the next three years, he said.

The entire project will be completed by early 2026.

The company has already sold nearly 300 units in this project in a price range of Rs 45 lakh to Rs 1.5 crore per unit.

Mohit Jajoo said the company has acquired a 2.3-acre land parcel in Jaipur to launch its second housing project later this year.

The company is in talks to buy more land parcels, he added.