Shapoorji Pallonji has confirmed the launch of close to 35 million sq. ft. of real estate projects in existing markets for the current financial year as per reports. 3 projects are planned for launch in Delhi-NCR for the present financial year and this will mark the company’s entry into this real estate market. It has close to 90 million sq. ft. of real estate development lined up and 35 million sq. ft. out of this tally will be launched in the current financial year. In the next year, an equal number of projects will be launched. The remainder will launch in the third year.
Projects will be developed in Kolkata, Bangalore, Pune and Hyderabad apart from Delhi-NCR. In the National Capital Region (NCR), a mid-income residential project is coming up under the Joyville brand name which will be developed across close to 1.2 million sq. ft. in Gurgaon’s NPR (Northern Peripheral Road). Another project with prices of Rs. 90 lakhs and more will be launched at the same location. Another project will come up at Noida over the next 2-3 months as per reports.
In the Delhi-NCR market, close to 6 million sq. ft. will be launched in the current financial year and more projects will be introduced in the near future. Close to 40% of the portfolio under residential projects will be under the JV (joint venture) system and 20% and 10% will be DM (development management) and joint development models respectively. Several luxury and mid-range projects will be developed in Pune, Mumbai and Kolkata. 18 million sq. ft. will be developed under the DM business model and this will majorly be in Mumbai and Pune. The company is also looking to add more than 12 projects in the Bangalore real estate market over the next few years. Shapoorji Pallonji is working on some of the most prominent realty projects at present including Epsilon, Vicinia, Alpine and Astron among others.