Shapoorji Pallonji's Pune Luxury Homes: Rs 600 Crore Revenue Expected

New Delhi, Jan 18 (PTI) Realty firm Shapoorji Pallonji Real Estate (SPRE) on Thursday launched 276 luxury homes in Pune with an estimated sales value of around Rs 600 crore.

In a statement, the company said it has launched the second phase of its project 'Golfland' which is part of a large township 'VANAHA' near Bavdhan, West Pune.

"With an estimated revenue potential of Rs 600 crore, the second phase of Golfland responds to the growing demand for upscale residences in Pune," SPRE said.

The project will have 276 homes, available to buyers at prices starting at Rs 1.48 crore.

In the first phase, the company had launched 276 homes.

The township 'VANAHA', spread over 1,000 acres, is a mixed-use development comprising residential, commercial, and retail spaces.

To date, the company has sold over 1,800 apartments in this township worth Rs 1,500 crores across mid-segment (Yahavi and Springs) and premium developments (Golfland phase 1).

Nirav Dalal, Business Head and Chief Investment Officer, SPRE, said,"The remarkable success of VANAHA has only strengthened our resolve to deliver outstanding products while reflecting the trust and confidence that customers place in the brand."

Over the last few years, he said, Pune's real estate industry has seen a steady increase in launches of luxury and premium residences.

"We believe that in 2024, the Pune real estate market is likely to flourish, with the potential for continued growth. Also, due to strong demand, we have seen good price appreciation in the Pune market, and hence, we feel it is the right time for home buyers to invest in a property," Dalal said.

Shapoorji Pallonji Real Estate has a development potential of over 142 million square feet. SPRE has a presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata.