To target 20,000 homes across 7 cities in 7 years in the first phase of the business plan
Mumbai, January 27, 2016: The Shapoorji Pallonji Group, one of the oldest professionally managed Real Estate, Construction and Development companies in India today announced its highly anticipated affordable housing brand – Joyville. With the Joyville brand targeted towards the working class, salaried, service sector households, the Group is privileged to be one of the few Indian real estate companies to target development of Affordable Housing projects.
Joyville will provide affordable housing for families in the lower income group and the middle-income group segment. The business plan will focus on both tier-1 and tier-2 cities with project sizes in the range of 1.2mn to 5mn square feet. In the first phase of its business plan, the initiative targets a development of 20mn sq. ft. across the country, spanning cities such as Mumbai, Pune, NCR, Chennai, Kolkata, Bengaluru and Ahmedabad in the next 6-7 years. This initiative will include approximately 20,000 affordable residential housing units, to be built in accordance with green building principles.
Speaking at the launch of the new brand, Venkatesh Gopalkrishnan, Business Head – Joyville Shapoorji said, “Affordable housing is distinct from the Indian high-end real estate market, in terms of its market dynamics. We see a huge demand and need across the country for affordable homes. The Shapoorji Pallonji Group is well placed to take advantage of this opportunity due to our presence across the development value chain which will be critical in delivering effective quality and cost within stipulated timelines. This venture will also contribute to the Prime Minister’s ‘Housing For All’ mission of providing 20 million houses by 2020.”
The projects will be located in suburban locations of preselected cities, which have clear growth potential, and are carefully selected based on a well-defined geographic strategy, with the first project located in Howrah, Kolkata. Amenities will include standard sanitation, adequate water and power supply, and provision of community spaces. These projects would also include amenities such as clubhouses, sports-facilities for kids, recreation areas, parks & open spaces, and health-care facilities, where applicable.
L-R: Jai Mavani, Executive Director, SP Group; Kekoo Colah, CEO – Shapoorji Pallonji Real Estate; Venkatesh Gopalkrishnan, Business Head – Joyville Shapoorji; Cyrus Engineer, Senior V.P. – Sales & Marketging – Shapoorji Pallonji Real Estate
Brand Joyville
Joyville endeavours to be the gold standard for the affordable housing segment in India, through homes that empower the customer with the best of everything and offer the maximum value per square foot.
At Joyville, we build homes that empower aspirational Indian buyers to step up towards their dreams. Our resourceful thinking, innovative mindset, value-driven approach and unparalleled experience garnered over 150 years enable us to maximize the value that we create for our customers at every step of the way.
True to our roots, we inspire trust by adhering to uncompromisingly high standards in everything that we do, from the quality of construction, to the level of customer service, to the array of building amenities, and beyond. For our customers, this translates into peace of mind, genuine happiness and a deep sense of fulfilment. After all, a home is a reflection of one’s desires and achievements – the badge of honour that one wears with pride and joy.
