Shapoorji Pallonji Real Estate Expands into Plotted Development in Pune
The Shapoorji Pallonji Group's real estate development arm, Shapoorji Pallonji Real Estate (SPRE), has made a significant move into the plotted development segment. The company has acquired a 105-acre land parcel near the proposed Purandar International Airport in Pune. This strategic location is expected to boost the project's appeal, as it leverages the growing demand for plotted developments in the region.
The land is owned by the group, and the company estimates a revenue potential of Rs 600 crore from this project. This development is part of SPRE's broader strategy to expand its residential portfolio, particularly in areas with high demand for plotted developments.
Sumit Sapru, CEO of Shapoorji Pallonji Real Estate, commented, 'The Pune Growth Corridor is emerging as a key infrastructure-driven market supported by improving connectivity and rising residential demand. With growing interest among homebuyers in plotted developments, this project marks an important step in strengthening our residential portfolio and expanding into this segment.'
The proposed development will consist of 483 residential plots, ranging from 2,000 to 6,000 square feet. These plots are designed to cater to both end users and investors, and they will be offered as non-agricultural plots with individual 7/12 extracts. This allows buyers to develop independent villas, providing them with the flexibility to customize their living spaces according to their preferences.
Approximately 70% of the project area will be dedicated to open and green spaces, ensuring a sustainable and eco-friendly environment. The development is surrounded by approximately 600 acres of forest land, further enhancing the appeal of the location for residents seeking a natural and serene living environment.
SPRE currently holds a development pipeline of over 130 million square feet across major cities such as Mumbai, Pune, Bengaluru, Gurugram, and Kolkata. The company's portfolio spans luxury and mid-income housing segments, and it is also involved in one of the largest mass housing projects in the country. This new plotted development project in Pune is expected to further solidify SPRE's position in the real estate market and cater to the evolving needs of homebuyers in the region.
