Realty firm Shapoorji Pallonji Real Estate has sold over 600 units, worth around Rs 400 crore, in its new housing project in Pune as housing demand began to recover.
Shapoorji Pallonji Real Estate, which is part of Shapoorji Pallonji group, did not formally disclose the value of sales bookings. However, sources said it is around Rs 400 crore.
In a statement, the company said it has ”sold over 600 units in its newly launched housing project in Pune due to accelerated demand”.
Last month, Shapoorji Pallonji announced an investment of around Rs 4,000 crore to develop a 148-acre mixed-use project ‘VANAHA’ near Bavdhan, West Pune.
In the first phase, over 600 apartments with various unit configurations were launched. The price ranged between Rs 39 lakh and Rs 89 lakh.
This premium mixed-use development will be executed in phases and will have more than 6,000 apartments on completion.
Venkatesh Gopalkrishna, CEO, Shapoorji Pallonji Real Estate, said: ”The success of the project validates the trust of our valued homebuyers on the Shapoorji Pallonji brand and its 155-year legacy.” 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 two to three years.
The real estate arm is planning to launch new projects and new phases in its existing projects in MMR, Pune, Gurugram, Bangalore and Kolkata.
Shapoorji Pallonji group also has a Rs 1,240 crore platform ‘Joyville’ in partnership with ADB, IFC and Actis.
Joyville has so far launched six housing projects in four major cities and is now looking for new land parcels for future development.