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Shapoorji Pallonji targets ₹400 cr from sale of luxury Bengaluru flats
Shapoorji Pallonji aims ₹400 crore from their new housing venture ‘Cedar’ in Central Bengaluru.
Real estate giant Shapoorji Pallonji has targeted a staggering ₹400 crore in sales from a new residential project in Bengaluru's Jagajeevanram Nagar, news agency PTI reported Thursday.
_1648558080084_1657790483201_1657790483201.jpg "Shapoorji Pallonji Real Estate")
The Mumbai-headquartered company is offering 225 luxury apartments in the heart of the city in a tower named 'Cedar' and, in a statement, said, prices would begin at ₹1.62 crore.
The luxury project is part of the 46-acre residential area Parkwest, the company also said.
According to PTI, 700 apartments in 'Cedar' have already been handed over to buyers.
CEO Venkatesh Gopalkrishnan said Shapoorji Pallonji had received an overwhelming response and had therefore decided to launch 'Cedar' at Parkwest. He also said this is the 'right time' for housing infrastructure in the micromarket that is central Bengaluru.
Sumit Sapru, Shapoorji Pallonji's business head, told PTI demand for their real estate products is seeing a steady growth in the city.
Last week global consultants Knight Frank said the the Bengaluru residential real estate market appeared unaffected by the Omicron wave of Covid-19 with a 34 per cent year-on-year increase in sales in the first quarter of 2022.
Prices were, in fact, highest in Bengaluru - a seven per cent YoY increase, followed by a five per cent increase in Pune and a four per cent increase in Mumbai, the report said.
The city’s office market, which was especially sensitive to the economic upheavals caused by the pandemic, also saw a significant increase in transaction volumes.
During the January-June period, the city accounted for office transactions of 3.5 million square feet, a year-on-year increase of 5 per cent as per the realty advisory and management firm.
