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Shapoorji Plans ₹6,000 Cr Housing Project
15 Nov
Summary
- A 900-acre township is planned in Khopoli, targeting ₹6,000 crore revenue.
- The project focuses on housing plots, catering to high demand for second homes.
- SPRE has invested ₹1,500 crore in land acquisition and plans further financing.
Shapoorji Pallonji Real Estate (SPRE) is set to develop a sprawling 900-acre township in Khopoli, situated in the bustling Mumbai-Pune corridor. This development is projected to yield an impressive revenue potential of ₹6,000 crore. The initial phase will encompass 200 acres.
This expansion into plotted developments follows a successful project in Pune. SPRE identifies a substantial demand for plots suitable for building second homes. The Khopoli township will be nestled amidst mountains and water bodies, offering a serene environment.
SPRE has secured regulatory approval for the first 200 acres and is currently seeking expressions of interest. The company has already invested approximately ₹1,500 crore from its equity capital for land acquisition. An additional ₹500-600 crore is anticipated for further investment.
The real estate firm expects to complete the initial 200-acre phase within the next three years. While housing demand has seen a slight slowdown recently, SPRE notes that demand remains strong for credible and branded developers.
