Shapoorji Pallonji Enters Co-Living Business
Mumbai-based Shapoorji Pallonji Real Estate is looking to start co-living and student housing projects, in a move that will help the company diversify its portfolio. Company will start developing the co-living projects in Pune and Mumbai Metropolitan Region (MMR) in 2021.
“We will start co-living and student housing projects in a measured but serious manner as an offshoot of our projects. Over the next decade, we see a huge potential because of the demographics, increased work from home and rising spend on education, and there are not many organized players. In the mid-to-long term, it has to be rolled out as a separate business, and partnered with an investor to scale up,” Venkatesh Gopalkrishnan, chief executive of Shapoorji Pallonji Real Estate told the paper.
Embassy Group recently launched its first co-living centre in Bengaluru under its Olive by Embassy brand. Gopalkrishnan told that Shapoorji Pallonji will continue to launch projects under its affordable housing brand Joyville and premium homes under Shapoorji Pallonji Real Estate.The company is also planning plotted development on around 100 acres out of its 600 acres of buildable area around Pune and Mumbai..
“We will build houses or villas with prototypes. We are looking to devise a product expecting the second home concept to pick up over the next year,” Gopalkrishnan said.