Business conglomerate Shapoorji Pallonji's mid-income housing platform Joyville has sold over 800 units in its new housing project in Pune for around Rs 400 crore on improved demand post lockdown. Last month, the company had said it would invest around Rs 1,200 crore to develop a new residential project in Pune. Joyville is a $200 million platform by Shapoorji Pallonji Group, ADB, IFC and Actis to develop aspirational housing projects in India.
Shapoorji Pallonji has sold over 800 apartments. These flats have been sold in a price range of Rs 37.5 lakh to Rs 78 Lakh, the company said in a statement on Monday. Sources said the total sales bookings in value terms would be around Rs 400 crore. The company witnessed high traction from home buyers during the launch period and received around 1,500 Expression of Interests (EoI).
Housing demand has improved from July onwards after it was affected severely during April-June period due to the COVID-19 pandemic. Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate, said "The success of the project validates the trust of our valued homebuyers on the brand Shapoorji Pallonji and its 155-years of legacy."
Shapoorji Pallonji last month launched a 21-acre housing project in East Pune. The project 'Joyville Hadapsar Annexe' will be developed in phases. The total units in this project will be more than 2,700. The 21-acre project is part of a larger development which is over 200 acre and houses the stud farm of the Shapoorji Pallonji family.
This is the second residential project in Pune under 'Joyville' brand. Joyville Hinjawadi (West Pune) was launched in 2018 and is completely sold out. Overall, this is the fifth project of Joyville. The estimated cost of this new housing project is around Rs 1,200 crore, Sriram Mahadevan, MD of Joyville Shapoorji Housing, had told PTI last month.
"We have been noticing that over the past few years, there is a flight to quality by customers and COVID-19 has hastened the process further. Customers are looking forward to quality and trusted brands for reposing their faith for home purchase," Mahadevan said.
Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq. ft and is looking to double its top line in the next 2 to 3 years. It is planning to launch new projects and new phases in its existing projects in MMR, Pune, Gurugram, Bangalore and Kolkata by this fiscal year.
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