Shapoorji Pallonji’s Joyville To Launch Residential Projects In Delhi NCR
Shapoorji Pallonji’s Joyville brand is planning to launch residential projects in Delhi NCR this year. The company have been looking towards NCR market for 6-7 years but were able to buy land only in the last one year. Because that is one market which has softened greatly, and even land prices have softened. If you see across the country otherwise, land prices are quite inflexible and don’t fall so easily.
In the NCR market, land prices have fallen and company thought that it has fallen to that level where there is a clear opportunity to buy and build a product and sell it at a reasonable and affordable price. Shapoorji Pallonji has two land parcels over there. From a middle-income perspective, they have a company called Joyville and under that banner, they will come up with projects on Northern Peripheral Road in Gurgaon with a ticket size of Rs 60-70 lakh.
On the same road, the company is planning to launch another project in the range of Rs 90 lakh and above. Both projects will be launched in the second half of this year. They also have land in Noida and are planning to launch a project soon.
While the real estate market has been quite slow for the past 3-5 years, it has seen some amount of revival over the last 4-5 months. Shapoorji Pallonji CEO Venkatesh Gopalakrishnan said the volumes are back to pre-demonetisation levels, and demand is more consistent now, though prices have not risen.
Having said that, it is too early to say that there is a recovery, or something could be sustained for the medium- to long-term. But we are quite happy that there has been an uptake in the last 5-6 months. Therefore, our outlook is relatively a little more positive than what it was 6-7 months ago on the residential real estate.
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