MUMBAI: Realty developer Shapoorji Pallonji Real Estate’s mid-income housing subsidiary Joyville Shapoorji Housing, is planning to invest Rs 700 crore to develop its third residential project in Pune.

The project spread over 10 acres within Pune’s Hinjewadi IT Park will be Joyville’s sixth project in India. Joyville is a $200 million platform by Shapoorji Pallonji, ADB, IFC and Actis to develop aspirational housing projects in India.

The platform has so far invested Rs 870 crore in five projects across Mumbai Metropolitan Region (MMR), Pune, Gurgaon and Kolkata.

“Pune is an important market for us…This project addition fits well with our strategy of strengthening our presence across the country’s leading real estate markets. We are confident that our newly launched project will meet customers’ expectations of premium living,” said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.

Sensorium, the company’s third project in Pune will have a total inventory of over 1,100 apartments with configuration of 2 and 3 bedrooms priced above Rs 64.4 lakh. The company had earlier launched two projects in Pune–Joyville Hadapsar Annexe and Joyville Hinjawadi.

Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq. ft and is looking to double its top line in the next 2 to 3years. The real estate arm is planning to launch new projects and new phases in its existing projects in MMR, Pune, Gurugram, Bangalore and Kolkata by this fiscal year.

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