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Shapoorji Pallonji Real Estate raises ₹55 crore to finance new luxury housing project in Mumbai
Shapoorji Pallonji Real Estate anticipates revenue exceeding ₹250 crore from the premium project known as BKC 9 located in Bandra East
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Shapoorji Pallonji Real Estate has raised ₹55 crore from WSB Real Estate Debt Fund II (WSBREDF II) for a premium project known as BKC 9 located in Bandra East, Mumbai, from which it is expecting over ₹250 crore revenue, the company said on February 6.
BKC 9 is a collaborative effort between Shapoorji Pallonji Real Estate (SPRE) and Vakratunda Realty Private Ltd. (VRPL).
The residential project is set on a 0.41-acre plot. The planned development will comprise 92 apartments featuring 2BHK and 3BHK units. The price of the apartments starts at ₹2.11 crore.
The WSBREDF-II fund has committed an investment of ₹55 crore to complete the premium project, BKC 9. Following the ₹75 crore investment in BKC 28 in 2022, which achieved sales of approximately ₹200 crore, the collaboration aims to replicate its success, the company said.
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“In the wake of BKC 28's success, the launch of BKC 9 is a strategic move to meet the escalating demand for high-quality residences. Our collaboration with WSB Partners reinforces our dedication to delivering innovative and top-tier developments that redefine the standards of residential living.” said Nirav Dalal, Business Head and Chief Investment Officer, Shapoorji Pallonji Real Estate.
“The launch of BKC 9 signifies our continuous effort to provide a contemporary lifestyle in Bandra East, one of Mumbai's prime locations,” he said.
“The launch of BKC 9 marks another significant milestone in our ongoing collaboration with Shapoorji Pallonji Real Estate and Vakratunda Group. We are confident that this partnership will replicate the success of our previous collaboration with them. We trust the group’s ability to develop high-quality residential projects such as BKC 9 and BKC 28,” said Vinit Prabhugaonkar, Managing Partner WSB Partners.
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Strategically located in Bandra East, BKC 9 enjoys excellent connectivity to the commercial hub of BKC, the Western Express Highway, the Bandra-Worli Sea Link, Mumbai International Airport, and an upcoming Metro station.
With a development potential of over 142 million square feet, SPRE has made inroads into most Indian cities—Mumbai, Pune, Bengaluru, Gurugram, and Kolkata—with a variety of developments, from luxury apartments and opulent residences to aspirational homes for mid-income homebuyers as well as one of the largest mass housing projects in India.
