No. 10 | Shapoor Pallonji Mistry | Chairman and MD, Shapoorji Pallonji Group | Net worth: Rs 69,400 crore (Image: Reuters)
Diversified firm Shapoorji Pallonji's real estate arm has sold over 700 flats worth around Rs 350 crore in its ongoing residential project in Pune, reflecting better demand for homes offered by big corporate houses and credible players.
The 8-acre project 'Joyville–Hinjawadi', launched in May 2018 and is scheduled to be completed by June 2022, is being developed by Joyville Shapoorji Housing -- a USD 200 million platform of Shapoorji Pallonji Real Estate (SPRE) along with ADB, IFC and Actis to develop aspirational mid-income housing.
The company has launched three projects under this platform in West Bengal, Mumbai and Pune.
SPRE said that the company had launched 1,017 flats, of which 720 flats have been sold so far. The units are priced at Rs 40.18-60.22 lakh (including government taxes).
The company did not disclose the sale value of these units.
However, according to market estimates, the sales value of these 720 units will be around Rs 350 crore.
Sriram Mahadevan, MD, Joyville Shapoorji Housing said, the company has got an exciting response to its first project in Hinjawadi, an IT hub.
"The mid-income segment is the sweet spot of India's real estate market today with a lot of demand being witnessed in this space," he added.
SPRE has constructed several prestigious residential and commercial landmarks in India.
The company has nearly 90 million sq ft of development in the pipeline. Out of this, it is launching 35 million sq ft this fiscal and an equal number in the next year and the rest in the third year.
The projects would be developed across its product portfolio and in cities like Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Howrah (near Kolkata), Delhi, Gurugram, Noida, Mohali.