Businessconglomerate Shapoorji Pallonji's mid-income housing platform Joyville will invest around Rs 1,200 crore to develop a new residential project in Pune, a top company official said.
Joyville is a $200 million platform by Shapoorji Pallonji Group, ADB, IFC and Actis to develop aspirational housing projects in India.
This is the fifth project of Joyville and second in Pune property market.
Shapoorji Pallonji on Monday launched a 21 acre housing project in east Pune. The project 'Joyville Hadapsar Annexe' will be developed in phases, with the first one comprising 600 units to be sold at Rs 37.5 lakh onwards. The total units in this project will be more than 2,700.
This is the second residential project in Pune under 'Joyville' brand. Joyville Hinjawadi (West Pune) was launched in 2018 and is completely sold out.
"Pune is a very important market for us with a demand for quality aspirational homes by trusted brands. After success of our project in Hinjawadi (west Pune), now we have launched our new project in east Pune wherein we realise that there exists a demand for the same," Sriram Mahadevan,MD of Joyville Shapoorji Housing, told PTI.
When asked about the project cost, he said the estimated cost of this new housing project is around Rs 1,200 crore.
"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.
"We are confident that Shapoorji Pallonji with more than 155 years of legacy would surely meet and possibly exceed their expectations in term of the product offering in the newest launch," he added.
The eligible homebuyers can also avail the PMAY benefit up to of Rs 2.67 lakh under theCredit Linked SubsidyScheme(CLSS) on selected apartments.
Despite COVID-19, Mahadevan said the company hasalready started the handover process of phase 1 at Joyville Howrah (near Kolkata) as per the timeline. It is planning to start the handover process of phase 1 at Joyville Virar (near Mumbai) before time.
The construction works are on at Joyville Hinjawadi (west Pune) and Joyville Gurugram (sector 102) and expected to be completed as per the timeline.
Housing demand was impacted severely during April-June due to lockdown to curb the spread of coronavirus.
However, sales have improved during the July-September period and is expected to further rise in the October-December quarter because of festival season and various incentives offered by builders.
The demand is getting consolidated towards big corporate brands and developers having better track record of execution.