Shapoorji Pallonji real estate to launch 35 mnsq ft of projects
Diversified firm Shapoorji Pallonji’s real estate arm has planned to launch nearly 35 million sq ft of projects across its existing markets this fiscal, a senior company official said.
The company plans to launch three projects in Delhi- NCR this fiscal, which will mark its foray into the market, its Group CEO Venkatesh Gopala krishnan told media.
“We have nearly 90 million sq ft of development in the pipeline. Out of this we are launching 35 million sq ft this fiscal and an equal number in the next year and the rest in the third year,” he said.
Gopala krishnan said the projects would be developed across its product portfolio and in cities like Mumbai, Delhi- NCR, Bengaluru, Kolkata, Hyderabad and Pune.
“We have been looking at the NCR market since 6-7 years, but were able to buy land only in the last one year as now we are seeing the prices softening. We saw this as an opportunity to build a product and sell it at a reasonable and affordable price,” he said.
In the NCR market, the company is developing a mid-income project under the Joyville brand, which will come up on nearly 1.2 million sq ft in the northern Peripheral Road in Gurgaon.
“On the same road we are planning to launch another project in the range of Rs 90 lakh and above. We have land in Noida and we will be launching a project here in the next couple of months.
“In total, we have over 6 million sq ft of development to be launched this year. We will add few more projects in this market going forward,” Gopala krishnan said.