Shapoorji Pallonji enters into affordable housing segment

By Accommodation Times News Services

Shapoorji Pallonji Media ConferenceThe Shapoorji Pallonji Group enters into affordable housing segment with a new brand Joyville, under this name the company will construct affordable homes only. In the first phase the company plans to build 20 million sq ft of residential affordable space with around 20,000 units in the next seven years across six cities Mumbai, NCR, Ahmedabad, Kolkatta, Pune and Chennai.

The plan will focus on both Tier-I and Tier-II cities, with project sizes in the range of 1.2 mn sq ft to five million sq ft and the first phase will include about 20,000 affordable residential housing units, according to a company statement.
The company decided to launch the new brand following the high demand for affordable homes and contributing for the Prime Minister led ‘Housing for All Mission’.

For the new venture company has joined hands with Standard Chartered Private Equity, International Finance Corporation (IFC) an arm of the World Bank and the Asian Development Bank (ADB) for investing in the segment. The partnership will invest about $250 million, which will be used primarily for buying land, to meet project approval and initial infrastructure expenses.

“We have been present in the luxury segment as well as creating middle income group housing stock. But with the government focusing on creating affordable housing, we think this is the right time to get into the market in a big way,” Jai Mavani, Executive Director, Shapoorji Pallonji, said.

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