A construction worker walks past a hoarding of Indian conglomerate Shapoorji Pallonji Group on the outskirts of Mumbai, India April 17, 2018. REUTERS/Francis Mascarenhas - RC1B89EE05D0
Business conglomerate Shapoorji Pallonji, which entered the Delhi-NCR property market last month, has sold over 400 flats for about Rs 350 crore in its first housing project at Gurugram. The group sold over 400 flats at the launch of its 'Joyville Gurugram' project, a company statement said.
"The developer has witnessed high traction from home buyers during the launch period and received around 750 expressions of interest (EOI)," it added.
The group did not share the sales bookings value.
However, market experts said the value of 400 flats would be around RS 350 crore.
Last month, the group announced that it would develop a housing project at Gurugram with an estimated investment of Rs 1,200 crore.
The project, spread over 18 acre land on Dwarka Expressway, will be developed by a USD 200 million platform established by Shapoorji Pallonji, ADB, IFC and Actis.
As many as 516 flats would come up in the first phase of the project and is being sold in a price range of Rs 58 lakh to Rs 1.05 crore. The total units in this project would be 1,500 in three phases.
"The success of the project validates the trust of our valued homebuyers in Shapoorji Pallonji's 153 years of legacy. It also proves the strong demand for well-designed easy to own homes for aspirational home buyers in this micro market," Joyville Shapoorji Housing MD Sriram Mahadevan said.
The group had bought this land parcel from another real estate developer BPTP. The construction of the project is expected to be complete in four-and-half years.
With the launch of this project, the company has launched development of 9.5 million sq ft under the Joyville platform. This is the fourth housing project under this platform, with other three at Howrah-Kolkata, Mumbai and Pune.
Outside this platform, Shapoorji Pallonji Real Estate is currently developing four projects.
The company has 80-90 million sq ft of development in the pipeline. Out of this, it is launching 35 million sq ft this fiscal, an equal number in the next year and the rest in the third year.
The projects would be developed in cities like Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Kolkata, Howrah (near Kolkata), Delhi, Gurugram, Noida, Mohali.