SP Group unfolds 12-mn sqft realty plans

    Shapoorji Pallonji
    In view of the huge future business avenues in the realty sector, the Shapoorji Pallonji group is expanding its footprint in affordable housing projects in Kochi, Chennai, Ahmedabad, Indore, Ghaziabad and Coimbatore. It plans to develop about 12 million sqft in the second phase of its joint investment program with World Bank arm IFC, Asian Development Bank and Standard Chartered Private Equity. It together with its partners will spend Rs.800 crore, said chief executive officer, Shapoorji Pallonji Real Estate, Venkatesh Gopalkrishnan, The group had last year tied up with investors to develop the affordable housing projects branded as Joyville. Shapoorji Pallonji and the investors brought in Rs.1,500 crore as initial capital for buying land and other purposes. It is looking at tier-II cities that provide jobs and reasonable infrastructure. The group plans to launch four more affordable housing projects in Pune, Gurugram, Hyderabad and Bengaluru in the first phase of the program and in Pune and Gurugram projects will be launched in the next six months and the others subsequently. Shapoorji Pallonji has launched two projects in Kolkata and Virar near Mumbai. In total, the projects will comprise 16-17 million sqft. and will be completed in six years.
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