Shapoorji Pallonji targets ₹ 1,400-cr sales from Gurugram housing project

Shapoorji Pallonji Real Estate (SPRE), in partnership with KREEVA and ASK Property Fund, on Thursday launched a luxury housing project in Gurugram with a revenue potential of Rs 1,400 crore.

In October last year, Shapoorji Pallonji Real Estate (SPRE) formed a joint venture with Kanodia Group's real estate venture Kreeva to develop a residential project, spread over 1.75 acre, in Sector 46, Gurugram.

On Thursday, SPRE launched this new project -- The Dualis -- comprising 198 units, as part of its expansion plan to encash strong housing demand across major cities.

"The project is poised to generate projected top-line revenues of over Rs 1,400 crore over the next five years," SPRE said in a statement.

The project features two towers, each having a height of about 150 metre, with 198 apartments. The size of the flats ranges from 2,850 to 3,600 square feet.

Sriram Mahadevan, CEO of Shapoorji Pallonji Real Estate (SPRE) & Managing Director of Joyville Shapoorji Housing, said, "With 'The Dualis', we are entering a high-potential micro-market with a product that combines location, scale, and quality."  "This is a long-term investment in the future of luxury housing in Gurugram, backed by partners who share our vision for value creation and timely delivery," he said.

The partnership brings together institutional funding, deep-rooted local market expertise, and a shared legacy of construction excellence, Mahadevan said.

Mayank Jain, CEO-KREEVA said this collaboration with SPRE and ASK Property Fund is a strong endorsement of the location's investment potential.

This is SPRE's second project in the Gurugram market, following the successful launch of Joyville Gurugram in Sector 102.

With this project, the SPRE further strengthens its residential real estate portfolio in NCR.

SPRE, which is part of the Shapoorji Pallonji Group, is one of the leading real estate firms in the country.

With a development potential of over 142 million square feet, SPRE has a presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata.

Kanodia Group is into diverse businesses, including cement, building solutions, media and real estate, among others.