The Shapoorji Pallonji Group has launched a new holding company, Shapoorji Pallonji Real Estate (SPRE), to streamline its real estate holdings scattered across India’s major cities. The strategic move is intended to enable the monetisation of a portfolio that includes land parcels spread over 2,000 acres. The land’s value alone is projected to be approximately USD six billion (Rs 50,000 crore). The consolidation will help in improving operational efficiency.
SPRE, a leading real estate firm, holds major assets in Mumbai, Pune, Bengaluru, Gurugram and Kolkata, with significant land in Mysore and Nagpur. Their assets include urban infill areas and land between Mumbai and Pune. The holding company, responsible for affordable and luxury housing, covers the group’s entire real estate portfolio of 45 land parcels and projects. These have a total development potential of approximately 140 million square feet, with 22 million square feet presently under development. The company anticipates a total revenue potential of up to Rs 2,00,000 crore post-development.
Shapoorji Pallonji Real Estate (SPRE) is strengthening its ability to undertake large projects, while also planning to expand in the real estate sector. The company is focusing on its middle-income housing arm, Joyville Shapoorji, with a goal of adding five new projects annually. This subsidiary, which counts the World Bank member IFC, Actis, and the Asian Development Bank among its investors, is expected to play a key role in SPRE’s growth strategy.
