Business conglomerate Shapoorji Pallonji’s, Joyville will invest Rs 1,200 crore for developing a new residential project in Pune, a company’s top official reported.

The mid-income housing platform develops aspirational housing projects in India and backed by Shapoorji Pallonji Group, ADB, IFC and Actis valuing at around $ 200 million.

The recent project is marked as the fifth project of Joyville and is the second residential project in Pune under the ‘Joyville’ brand. In 2018, Joyville launched ‘Joyville Hinjewadi’ in West Pune, which is completely sold out. The construction of Joyville Hinjawadi in West Pune and Joyville Gurugram in Sector-102 is on work and expected to be completed as per the timeline.

On Monday, Shapoorji Pallonji launched a 21 acre housing project in East Pune and has more than a total of 2,700 units. The ‘Joyville Hadapsar Annexe’ project will be developed in phases, with the first one comprising 600 units which is to be sold at Rs 37.5 lakh onwards.

Due to the Covid-19 pandemic, the housing demand has been severely impacted during the April-June period. While sales have improved during the July-September period and it is expected to rise further in the October-December quarter due to the incentives offered by builders during festive seasons.