Shapoorji Pallonji Affordable Housing will launch Six Projects in FY 18
Shapoorji Pallonji Affordable Housing: The Shapoorji Pallonji Group’s Real Estate is lining up at least six projects across the country in the financial year 2017-18, with two projects in the affordable housing segment. These two projects will be developed under Joyville brand which build affordable homes.
Two three projects out of six are being planned to come up in the megapolis, two in Pune and one in National Capital Region (NCR). The company already has 40 million square feet land bank across the country.
The affordable housing project in Virar will be launched officially by September-October. Second project under Joyville brand at Hinjewadi in Pune will be launched by March 2018. Shapoorji Pallonji Group entered the affordable housing segment last year by joining hands with Standard Chartered Private Equity, International Finance Corporation (IFC), an arm of the World Bank and the Asian Development Bank.
The partnership will invest about USD 250 Million, which will be used primarily for buying land and setting up initial infrastructure. The first project of the company under the Joyville Brand was launched at Howrah near Kolkata.
Shapoorji Pallonji Group already has land and the funds will be raised on the project to project basis, mainly through debt.
Because of the RERA (Real Estate Regulatory Act) and GST (Goods & Services Tax) there will be certain teething issues in the beginning. As per RERA the SP Company has registered five ongoing projects, with four in Maharashtra and one in Bengaluru where the RERA rules are out. There are some projects in West Bengal and the North, but the rules there are not yet out.
Source Link- http://www.businesstoday.in/current/corporate/shapoorji-pallonji-real-estate-to-launch-six-projects-in-fy18/story/258679.html