Shapoorji Pallonji’s real estate arm SP Real Estate (SPRE) believes that its residential portfolio can expand to 20 million sq. ft. across 9 projects in various metros over the next six years including its affordable housing offering under the brand ‘Joyville’.
The company has collaborated with Standard Chartered Private Equity, International Finance Corporation (IFC) and the Asian Development Bank (ADB) for the success of its Joyville projects. As for the investment, it mostly relies on their internal accruals and debt. A fund of $250 million is planned to be invested in buying land, project approval and initial infrastructure expenses.
“We are developing our first affordable project in Howrah in Kolkata and now we are looking at expanding to Chennai, Bengaluru, Pune, Noida, Gurgaon and the MMR region,” says Cyrus Engineer, SPRE Chief Sales and Marketing Officer, Shapoorji Pallonji.
“Along with this, we are also expanding our luxury and mid-income projects in other geographies, especially major metros,” he added.
The company is ready to use various models like redevelopment and joint development management for the expansion of its residential projects.
Source: ET Realty