To invest Rs 400 crore on the second phase of the project located along Dwarka Expressway
Shapoorji Pallonji Group on June 12 launched the second phase of its Joyville Gurugram project that it bought from BPTP. The group will invest Rs 400 crore on the project spread over 18 acres in Sector 102.
Under phase two, the company launched 516 apartments with different unit configurations of 2-BHK and 3-BHK to be sold in the price range of Rs 65 lakh to Rs 1.2 crore.
The project to be done in three phases will develop 1,550 units with a total investment of Rs 1,200 crore.
At the conclusion of the second phase, the company would have developed 9.5 million sq ft under the Joyville platform out of the planned total of 16 million sq ft. These projects are located in Howrah, Virar, Hinjawadi in Pune and Gurugram.
Shapoorji Pallonji entered the National Capital Region (NCR) with the launch of its first residential project under the aspirational housing brand Joyville in Gurugram in January 2019 and sold more than 400 flats at the launch.
Joyville is a $200 million platform by Shapoorji Pallonji, ADB, IFC and Actis to develop aspirational housing projects in India.
Speaking at the launch, Sriram Mahadevan (MD, Joyville Shapoorji Housing) said “We will remain committed to enhancing our presence in the Delhi-NCR as part of our strategy to grow our business in leading end-user driven and job-creating real estate markets across India.”
He said he was hopeful that the entire stretch of Dwarka Expressway would be complete by the time the project is ready.Commenting on the customers, he said that the average age of the end users who came forward to book units in the first phase was around 35 years to 45 years. "The current market is backed by end-use demand. As many as 30 to 35 percent of end-users are from Dwarka, either staying on rent or in their own house but want to upgrade to a gated community. A substantial chunk is spread across Gurugram. These are the people who work in Gurugram but stay on rent," he said.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.