Business conglomerate Shapoorji Pallonji on Wednesday announced its entry into the Delhi-NCR market and said it will develop a housing project here with an estimated investment of Rs 1,200 crore.
The project 'Joyville Gurugram', spread over 18 acre land on Dwarka Expressway, will be developed by a $200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis.
The group will develop 516 flats in the first phase of the project and is selling them in a price range of Rs 58 lakh to Rs 1.05 crore. The total units in this project would be 1,500 in three phases.
"We are entering into the Delhi-NCR which is the biggest real estate market in the country. We are launching a housing project at Sector 102 in Gurugram," Joyville Shapoorji Housing MD Sriram Mahadevan told reporters here.
He expressed hope that the 18-km long Dwarka Expressway would become operational by the time the project is completed.
"The NCR market has bottomed out. We expect good traction in this project," Mahadevan said.
"The estimated cost of this housing project is around Rs 1,200 crore," he told PTI on the sidelines.
The group had bought this land parcel from another real estate developer, BPTP Ltd, and the land is fully paid. The construction of the project will start soon and is expected to get complete in four-and-half years.
With the launch of this project, he said, the company has launched development of 9.5 million sq ft under the Joyville platform.
Keeping the pollution level of the region in mind, Mahadevan said the company would install outdoor air pollution controllers in children's play areas, common walkways, garden areas, club house and similar outdoor locations within the project.
Mahadevan said the company would launch two other housing projects in Gurugram and Noida, but those would not be under this platform.
The company has 80-90 million sq ft of development in the pipeline. Out of this, it is launching 35 million sq ft this fiscal, an equal number in the next year and the rest in the third year.
The projects would be developed across its product portfolio and in cities like Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Howrah (near Kolkata), Delhi, Gurugram, Noida, Mohali.