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Shapoorji Pallonji Real Estate aims ₹6,000-cr revenue from 900-acre housing plot project near Mumbai: MD
Shapoorji Pallonji Real Estate aims ₹6,000-cr revenue from 900-acre housing plot project near Mumbai: MD
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New Delhi, Nov 15 (PTI) Shapoorji Pallonji Real Estate (SPRE) is extremely bullish on housing plot demand and will develop a 900-acre township in the Mumbai-Pune corridor with an estimated revenue of ₹6,000 crore, a top company official said.
The SPRE, a realty firm of business conglomerate Shapoorji Pallonji Group, entered housing plot segment in late 2025 with first project in Pune covering 105 acres.
In an interview with PTI, Venkatesh Gopalakrishnan, Director at Group Promoter's Office and Managing Director of SPRE, said the company got a good response in the first plotted development project in Pune and has now decided to expand this segment in a big way.
Stating that there is a huge demand for plots to build second homes, he said the company will monetise its huge land bank in Mumbai-Pune corridor to develop projects comprising residential plots.
"We are now launching our second project which is over 900 acres located at Khopoli close to Bombay and Pune. It is nestled in the mountains, with a lot of water bodies," Gopalakrishnan said.
The company plans to develop this 900 acre township, incorporating various themes, including health and wellness, across various phases.
The SPRE has got the regulatory approval to launch first 200 acre. It is seeking expression of interest from potential customers.
"We are looking at a revenue potential of about ₹6,000 crores from the 900-acre township," Gopalakrishnan said.
Elaborating more, he said the company, in the first phase, would sell 50 per cent of the plots under ₹1 crore ticket size. Around 25 per cent inventories will be in ₹1-2 crore range, the rest beyond ₹2 crore.
The SPRE is targeting to complete the first phase of 200-acre development in the next three years.
Asked about funding, Gopalakrishnan said the company has already invested around ₹1,500 crore to buy land using equity capital.
Rest of the investments, estimated at another ₹500-600 crore, will be financed through advances from costumers andworking capital loans from banks, he added.
On the overall housing demand, Gopalakrishnan noted that it has slowed down a bit during the past one year, after a surge in the sales post-Covid pandemic.
However, the MD said the demand for credible developers continues to be strong and steady.
The demand is also consolidating towards big branded developers, he added.
SPRE has developed many group housing projects across the country. It has a future development potential of more than 100 million square feet. It has a presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata property markets.
