Shapoorji Pallonji’s housing platform Joyville will make an investment of around Rs 300 crore to develop new phases, comprising around 750 flats, at its three residential projects in Pune, Mumbai and Kolkata to encash the rise in demand.
Joyville has so far launched six housing projects — three in Pune and one each in Mumbai, Kolkata and Gurugram.
The company will soon launch new phases of development in its ongoing housing projects to meet the rising demand, driven by positive consumer sentiments. It will launch new phases across its three projects — Joyville Hadapsar (East Pune), Joyville Virar (near Mumbai) and Joyville Howrah (near Kolkata).
The total investment will be around Rs 300 crore. It expects a total sales realisation of around Rs 400 crore.
The Joyville platform had sold properties worth around Rs 1,100 crore in FY21, double from FY20, despite the COVID-19 pandemic.
The company has already delivered over 700 flats in its projects much ahead of the RERA timeline. It is also planning to handover more than 1,600 apartments in the next one year.
Earlier in 2021, Joyville had announced plans to invest around Rs 400 crore on acquisition of three to four land parcels in Mumbai and Pune to expand its business. Apart from this platform, Shapoorji Pallonji Group firm Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft.
