Even as more than one lakh residential units remained unsold in Pune last year, it recorded the sharpest increase in real estate rates for the july-September quarter. Eyeing the robust demand for housing in the city, business conglomerate Shapoorji Pallonji has announced an investment of Rs 750 crore through its Joyville platform, for a housing project in Pune.
The investment will be used to finance 1,350 houses, which will include high-end apartments such as duplexes and penthouses, in a 9-acre area. The project close to Hadapsar is expected to deliver a revenue of Rs 1,000 crore for Shapoorji Pallonji, through a development potential of close to 13 lakh square feet.
The cost involved is estimated at Rs 700-750 crore, for 168 duplexes and penthouses to be built over the next six years. Apart from Pune, the firm has one project each in Howrah (Kolkata), Mumbai and Gurugram in pipeline.
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