You are here: Home » Companies » News
Business Standard

Shapoorji Pallonji's Joyville sells 800 housing units in Pune for Rs 400 cr

Shapoorji Pallonji last month launched a 21-acre housing project in East Pune

Shapoorji Pallonji | Shapoorji Pallonji group | housing projects

Press Trust of India  |  New Delhi 


Businessconglomerate Shapoorji Pallonji's mid-income housing platform Joyville has sold over 800 units in its new housing project in Pune for around Rs 400 crore on improved demand post lockdown.

Last month, the company had said it would invest around Rs 1,200 crore to develop a new residential project in Pune.

Joyville is a USD 200 million platform by Group, ADB, IFC and Actis to develop aspirational in India.

has sold over 800 apartments.These flats have been sold in a price range of Rs37.5 lakhto Rs 78 Lakh, the company said in a statement on Monday.

Sources said the total sales bookings in value terms would be around Rs 400 crore.

The company witnessed high traction from home buyers during the launch period and received around 1,500 Expression of Interests (EoI).

Housing demand has improved from July onwards after it was affected severely during April-June period due to the COVID-19 pandemic.

Venkatesh Gopalkrishnan, CEO of Real Estate, said The success of the project validates the trust of our valued homebuyers on the brand Shapoorji Pallonji and its 155-years of legacy."

Shapoorji Pallonji last month launched a 21-acre housing project in East Pune. The project 'Joyville Hadapsar Annexe' will be developed in phases.

The total units in this project will be more than 2,700. The 21-acre project is part of a larger development which is over 200 acre and houses the stud farm of the Shapoorji Pallonji family.

This is the second residential project in Pune under 'Joyville' brand. Joyville Hinjawadi (West Pune) was launched in 2018 and is completely sold out. Overall, this is the fifth project of Joyville.

The estimated cost of this new housing project is around Rs 1,200 crore, Sriram Mahadevan,MD of Joyville Shapoorji Housing, had told PTI last month.

"We have been noticing that over the past few years, there is a flight to quality by customers and COVID-19 has hastened the process further. Customers are looking forward to quality and trusted brands for reposing their faith for home purchase," Mahadevan said.

Shapoorji Pallonji Real Estate has a development pipeline ofover 80 million sq. ft and is looking to double its top line in the next 2 to 3 years. It is planning to launch new projects and new phases in its existing projects in MMR, Pune, Gurugram, Bangalore and Kolkata by this fiscal year.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 09 2020. 14:35 IST