KREEVA, Shapoorji Pallonji, ASK Invest Rs 270 cr in Gurugram Housing

New Delhi, Dec 9 (PTI) Kanodia Group real estate arm KREEVA, ASK Property Fund and Shapoorji Pallonji Real Estate will jointly invest about Rs 270 crore to develop a housing project in Gurugram.

"ASK Property Fund, KREEVA and Shapoorji Pallonji Real Estate have announced joint development of a residential project in Sector 46, Gurugram, with a joint initial investment of Rs 270-plus crore," KREEVA said in a statement on Monday.

Spread across 1.74 acres, the project will generate top-line revenues exceeding Rs 1,200 crore over the next five years.

Venkatesh Gopalakrishnan, Director, Group Promoter's Office, MD & CEO of Shapoorji Pallonji Real Estate, said, "Our collaboration with KREEVA and ASK Property Fund for the Sector 46 project in Gurugram underscores our commitment to delivering high-quality residential developments that meet the evolving needs of discerning customers."

Gautam Kanodia, Founder of KREEVA and Co-founder of Kanodia Group, said this investment is crucial for the growth of the company.

"These funds will allow us to broaden our expansion plans," Mayank Jain, CEO of KREEVA, said.

KREEVA plans to launch three ultra-luxury projects by 2025-end in the Delhi-NCR market.

Kanodia Group manufactures cement and personal hygiene products. It has recently forayed into real estate and media businesses.