Shapoorji Pallonji Starts Project With KREEVA, ASK Property Fund
In Gurugram, Shapoorji Pallonji Real Estate (SPRE) started a luxury housing project with a potential income of Rs 1,400 crore in collaboration with KREEVA and ASK Property Fund.
Shapoorji Pallonji Real Estate (SPRE) and Kreeva, a real estate venture of the Kanodia Group, established a joint venture in October of last year to build a residential project in Sector 46, Gurugram, spanning 1.75 acres.
As part of its development strategy to meet the high demand for housing in major cities, SPRE started this new project, The Dualis, which consists of 198 units.
"The project is poised to generate projected top-line revenues of over Rs 1,400 crore over the next five years," SPRE said.
The concept consists of two buildings with 198 apartments each, each roughly 150 meters high. The apartments are from 2,850 to 3,600 square feet in size.
Sriram Mahadevan, CEO of Shapoorji Pallonji Real Estate (SPRE) & Managing Director of Joyville Shapoorji Housing, said, "With 'The Dualis', we are entering a high-potential micro-market with a product that combines location, scale, and quality."
"This is a long-term investment in the future of luxury housing in Gurugram, backed by partners who share our vision for value creation and timely delivery," he said.
According to Mahadevan, the collaboration combines institutional finance, long-standing local market knowledge, and a common history of building quality.
This partnership with SPRE and ASK Property Fund is a powerful affirmation of the area's investment potential, according to Mayank Jain, CEO of KREEVA.
After Joyville Gurugram in Sector 102 was successfully launched, this is SPRE's second project in the Gurugram market.
The SPRE's portfolio of residential real estate in the NCR is significantly strengthened by this project.
One of the top real estate companies in the nation is SPRE, a division of the Shapoorji Pallonji Group.
With more than 142 million square feet of development potential, SPRE is present in Bengaluru, Kolkata, Mumbai, Pune, and Gurugram.
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The Kanodia Group is involved in a variety of industries, such as media, real estate, cement, and building solutions.