Shapoorji Pallonji Real Estate to invest Rs 300 cr to build flats in B'luru

Shapoorji Pallonji Real Estate will invest Rs 300 crore to construct around 440 luxury apartments in Bengaluru.

The company has launched a new phase of its 46-acre luxury residential project Parkwest in Binnypet, Central Bengaluru.

The new phase will have around 440 luxury apartments, ranging from 462.10 sq ft to 1,185.07 sq ft. The residences are available between the price rangeof Rs 72 lakh to Rs 2.06 crore.

"The estimated cost of constructing this new phase will be around Rs 300 crore," Shapoorji Pallonji Real Estate said in a statement.

In three phases, the company had launched over 1,900 apartments, which are almost sold out. It has also delivered more than 700 apartments in Phase 1 as per the timeline.

Commenting on the launch,Venkatesh Gopalakrishnan, Chief Executive Officer at Shapoorji Pallonji Real Estate, said, "We have witnessed a steady demand for spacious luxury homes in the last few months which indicates a shift in the post-pandemic consumer behaviour in Bengaluru market".

Leveraging this shift and latent demand,he said the company has launched a new phase.

"Given the current scenario, customers look forward to assurance from trusted brands to reimpose their faith in buying a home and we are confident that Parkwest will not only deliver but exceed customers' expectations of luxury living," Gopalkrishnan said.

In February, the company sold over 600 units in its newly launched housing project VANAHA in Pune due to accelerated demand.

Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq ft and is looking to double its top line in the next 2 to 3 years.