Joyville, the housing platform of Shapoorji Pallonji, has decided to invest 3 billion rupees to develop three residential projects in Pune and provide 750 apartments in the new phase of the three projects. Joyville is a Rs 1,240 crore platform established by business groups Shapoorji Pallonji, ADB, IFC and Actis. It has launched six housing projects so far-three in Pune and three in Mumbai, Kolkata and Gol Gram. MD Sriram Mahadevan informed that the company will soon start a new development phase in its ongoing housing projects to meet the growing demand driven by positive consumer sentiment.
The company will initiate a new phase in its three projects-Joyville Hadapsar (East Pune), Joyville Virar (near Mumbai) and Joyville Howrah (near Kolkata). Mahadevan added that the company expects total sales to reach approximately Rs 4 billion. In terms of operating performance, the company’s sales in the first half of the fiscal year reached 4.5 billion rupees, an increase of nearly three times. Despite the COVID-19 pandemic, Joyville sold properties worth 1.6 billion rupees in the same period of the previous fiscal year, and its platform sold properties worth approximately 11 billion rupees in the previous fiscal year, a doubling of the previous year.
News Source : NBM&CW