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Shapoorji Pallonji to invest Rs 4,000 crore for real estate project in Pune

This premium mixed-use development by Shapoorji Pallonji will be executed in phases and will have more than 6000 apartments on completion

Real estate firm Shapoorji Pallonji Real Estate has announced the launch of a new real estate project near Bavdhan, West Pune, to be developed with an estimated investment of around Rs 4,000 crore.

The project named ‘VANAHA’ is spread across 148 acres of land. It will be a mixed-use development and will be a part of one of the largest townships in India, the company said.

This premium mixed-use development will be executed in phases and will have more than 6000 apartments on completion. In the first phase, over 600 apartments with various unit configurations consisting of 1, 2 and 3 BHK have been launched. The residences are available between the price range of Rs 39 lakh to Rs 89 lakh.

The project will have over 90 acres of open space.

“Pune is an important market for us and the addition of this large project fits well within our strategy of strengthening our presence across the country's leading real estate markets. Given the current scenario, customers look forward to assurance from trusted brands to reimpose their faith in buying a home and we are confident that VANAHA will not only deliver but exceed customers’ expectations of premium living,” said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.


Also Read: Plans on track for Joyville Shapoorji Housing despite COVID-19; exploring new launches in Maharashtra and Delhi-NCR

The project site at Bavdhan is strategically located and well connected with Mumbai-Bangalore Highway. It is within proximity to Hinjewadi and Baner IT hubs. As a location, it also enjoys proximity to well-developed social and civic infrastructure like educational institutions, hospitals, commercial centres, retail zones and shopping malls.

Upcoming infrastructure projects like metro line (No 2) from Chandni Chowk to Viman Nagar, 10 lane National Mumbai-Bangalore Highway (proposed), 6 Lane Paud- Mahad National Highway (proposed), 8 lane flyover at Chandni chowk (proposed) and the 14-lane wide Proposed Ring Road (proposed), are set to further boost Bavdhan’s connectivity.

Shapoorji Pallonji Real Estate has a presence in the Pune market with its flagship projects like SP Infocity, SP Residency, Joyville Hinjawadi, Joyville Hadapsar and Sensorium.

In October 2020, Shapoorji Pallonji Real Estate sold over 800 apartments at the launch of its aspirational housing project under the brand ‘Joyville’ in East Pune.

Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq. ft and is looking to double its top line in the next two to three. The real estate arm is planning to launch new projects and new phases in its existing projects in MMR, Pune, Gurugram, Bengaluru and Kolkata by this fiscal year.

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Moneycontrol News
first published: Jan 28, 2021 01:38 pm
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