S Pallonji launches seven mid housing projects

Shapoorji Pallonji has launched three projects under Joyville Shapoorji Housing and four premium projects in Mumbai, Pune and Kolkata. For its Joyville project, the firm plans to acquire 3-4 land parcels in the next six months, with each land parcel having 1.5-2 million sq. ft of development potential. CEO, Venkatesh Gopalkrishnan said that the company plans to acquire land in Hyderabad, Bengaluru, Pune and Mumbai. Currently, Joyville has four projects in the NCR's Dwarka Expressway and suburban locations near Pune, Mumbai and Kolkata. Joyville homes sell between ₹30-60 lakh; the first project priced between ₹65 lakh to ₹1.2 crore was launched in NCR in January and evoked a good response from the home buyers. Even as overall residential sales remain tepid, mid-income homes costing up to ₹50 lakh or so, have been the sweet spot for builders and buyers, with rising demand in this price category, aided by benefits under GST, and the government’s aim to provide housing for all. An increasing number of property developers are looking to tap into the so-called affordable housing segment because of high demand and decent profit margins.