No. 10 | Shapoor Pallonji Mistry | Chairman and MD, Shapoorji Pallonji Group | Net worth: Rs 69,400 crore (Image: Reuters)
Shapoorji Pallonji Real Estate on Thursday said it will invest around Rs 4,000 crore to develop a large mixed-use project in Pune as part of its expansion plan.
Shapoorji Pallonji Real Estate, which is the realty arm of business conglomerate Shapoorji Pallonji, has launched a 148-acre project ''VANAHA'' near Bavdhan, West Pune.
The project will be a mixed-use development and will be a part of one of the largest townships in India.
"VANAHA will be developed with an estimated investment of around Rs 4,000 crore," the company said in a statement.
The project will be executed in phases and will have more than 6,000 apartments on completion.
In the first phase, over 600 apartments have been launched. The residences are available between the price range of Rs 39 lakh to Rs 89 lakh.
Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, said, "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, he said customers are looking forward to assurance from trusted brands to reimpose their faith in buying a home.
"Shapoorji Pallonji, a brand with a legacy of 155 years is known for its quality and on-time delivery," Gopalkrishnan said.
The project site is well connected with Mumbai-Bangalore Highway. It is within proximity to Hinjewadi and Baner IT hubs.
Shapoorji Pallonji Real Estate has a strong presence in the Pune market.
The company has a development pipeline of over 80 million square feet 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.