Real Estate Giant Shapoorji Pallonji is all set to invest Rs 400 Crore in Gurgaon Housing Project
As per the statement of a senior official of the business conglomerate Shapoorji Paalonji’s real estate arm Joyville, the real estate platform will invest around Rs 400 crore to initiate developing the third phase of its Luxury housing project in Gurgaon since the demand for residential properties has recovered from June last year.
Joyville Gurgaon Shapoorji Housing Managing Director Sriram Mahadevan has said in an interview that the sales for housing project were hit badly during the peak of pandemic, April-June quarter of this fiscal year, but demand has enhanced drastically.
Let us make you aware of Joyville Sector 102 Gurgaon. It’s a mid income housing platform of a 200 million dollar established by business majors like Shapoorji Pallonji, IFC, ADB, and Actis. In the month of January, 2019, the company had already launched the first phase of Joyville Gurgaon, on Dwarka Expressway in Gurugram, Haryana. The second phase got launched in June, 2019.
As per the MD Shriram Mahadevan, “We have launched the third and last phase of our housing project In Gurugram. We will develop more than 400 units in his phase,”. It has been said by the MD that there had been price appreciation in thid project over the last 2 years. Whereas the first phase was launched at Rs. 5,800 per Sq Ft, the unit in third phase costs around Rs, 7,200 per sq ft.
When asked about the investment, Mahadevan said the third phase project cost would be around Rs 400 Crore. As per the reports it has been identified that the Joyville Gurgaon platform is developing around 1,500 units in all 3 phases of the project with total investment of Rs 1,200 crore. The land parcel is brought from another leading realtor BPTP LTD. He also said that the customers were inclined towards quality. They are depending more on brands. A renewed interest of homeownership has been seen in Millennial planning to buy Residential property in Gurgaon especially during Pandemic.
As of now, total six projects have been launched under Joyville platform from which three are in Pune and one each in Kolkata, Mumbai and Gurgaon. Mr. Mahadevan added, during pandemic, the company had launched two projects in Pune and received commendable response from the customers. Also, the company has adopted digital tools in a brilliant way to reach out to potential buyers.
“Across six projects, we have launched around 5,200 units so far, and out of that, 75-80 per cent are already sold. There is development potential for about 4,000 units more in these six projects,” Mahadevan said.
The Joyville platform has already started the handover process of phase 1 at Joyville Hawrah according to the timeline and is planning to begin the handover process of Phase 1 at Joyville Virar Mumbai. The construction work is under process in the other housing projects. Apart from this platform, Shapoorji Pallonji real estate firm has a development pipeline of more than 80 million sq ft. If you are planning to buy home in Gurgaon, then you must consider buying Shapoorji Pallonji property, Joyville sector 102 Gurgaon.
The project is developed on 18 acres of magnificent land piece and outfits 3 acres of beautiful floral parks. Strategically located in one of the finest locations of Gurugram, Joyville sector 102 Gurgaon offers meticulously designed 2 & 3 BHK premium apartments. You will be delighted to see world class clubhouse and recreational space which will further upgrade your lifestyle. The residential project offers spectacular views of lush greenery and top line state-of-the-art amenities where you will be completely immersed into comfort and luxury.