Shapoorji Pallonji’s real estate arm eyes 20-million sq ft residential portfolio in 6 years

MUMBAI: Shapoorji Pallonji Group’s real estate arm SP Real Estate (SPRE) expects its residential portfolio to reach 20 million sq ft over the next 6 years, including its affordable housing offering under the brand ‘Joyville’.

“We have been present in the luxury and mid-income segments and recently made a foray into the affordable housing or aspirational urban housing as well call it.

“Given the growing demand for housing, we expect our residential portfolio to reach 20 million sq ft of development across 9 projects in various metros in next 6 years,” SPRE Chief Sales and Marketing Officer Cyrus Engineer told here.

The company has joined hands with Standard Chartered Private Equity, International Finance Corporation (IFC) and the Asian Development Bank (ADB) for ‘Joyville’ projects.

The partnership is investing about USD 250 million, which will be used primarily for 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.

“Along with this, we are also expanding our luxury and mid-income projects in other geographies, especially major metros,” he said.

Engineer further said the company is looking at various models like redevelopment and joint development management for expanding its presence in the residential segment.

Asked about the investments the company plans for expanding its presence, he said, “We already have arrangement for the affordable housing projects. For the other developments, we have our internal accruals and debt.”