Shapoorji Pallonji Real Estate (SPRE) said on October 15 that it has entered into a joint venture with Kanodia’s real estate venture KREEVA to develop a luxury housing project in Sector 46, Gurugram, with a revenue potential of around ₹1200 crore.
Spanning across 1.74 acres, the project will consist of luxury apartments, targeting discerning homebuyers in the National Capital Region (NCR).
“This collaboration is in line with our vision of expanding our footprint in key markets across India while delivering high-quality residential projects that cater to the evolving needs of homebuyers. This is our second project in Gurugram, and we aim to create a landmark that will redefine the skyline of the location and provide an unparalleled living experience,” said Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO, Shapoorji Pallonji Real Estate (SPRE).
Also Read: Housing prices in top 10 cities surge 88% in five years, Gurugram sees maximum increase at 160%, Mumbai lowest at 37%
“We are delighted to collaborate with Shapoorji Pallonji Real Estate to bring this luxurious residential project to life in Gurugram. By leveraging the combined strengths of both companies, we are confident in delivering an unparalleled, world-class living experience that sets a new standard for luxury in one of Gurugram’s most prestigious locations,” said Gautam Kanodia, Founder, KREEVA and Co-Founder, Kanodia Group.
Also Read: Why are netizens comparing Gurugram’s property market with that of Dubai?
Development potential of the project
SPRE has a development potential of over 142 million square feet and has made inroads into most Indian cities – Mumbai, Pune, Bengaluru, Gurugram, and Kolkata – with a variety of developments.
Kanodia Group has plans to further expand its presence in Delhi NCR, Bihar, Haryana, Rajasthan, and Uttar Pradesh.
Housing prices in top 10 cities have surged 88% in the last five years with Gurugram witnessing the maximum increase of almost 160%, according to real estate data analytics firm PropEquity.
Also Read: DLF’s new project in Gurugram to have apartments priced at ₹80 crore
