Shapoorji Pallonji Real Estate (SPRE) and Kanodia’s Real Estate Venture (KREEVA), which has its headquarters in Gurgaon, have formed a joint venture to build a luxurious residential property in Sector 46 of Gurugram.
For Rs 153 crore, Kanodia Group purchased a 1.74-acre plot of property in April of this year. The business anticipates making Rs 1,200 crore from the project, which would include premium units.
“This partnership aligns with our objective of growing our presence in strategic Indian markets while providing superior residential developments that meet the changing demands of homebuyers,” stated Venkatesh Gopalakrishnan, Director of the Group Promoter’s Office, MD & CEO of Shapoorji Pallonji Real Estate (SPRE).
Shapoorji Pallonji Real Estate Has Undertaken The Second Project In Gurugram
Founder of KREEVA and Co-Founder of Kanodia Group Gautam Kanodia stated, “We are confident in delivering an unparalleled, world-class living experience that sets a new standard for luxury in one of Gurugram’s most prominent locations by leveraging the combined strengths of both companies.”
With more than 142 million square feet of development potential, SPRE has established itself in the majority of Indian cities, including Mumbai, Pune, Bangalore, Gurugram, and Kolkata.
One of the biggest mass housing projects in India, it offers a range of developments, from luxurious apartments and lavish homes to aspirational homes for middle-class homebuyers.
The Project Is Situated Near Huda City Center Metro Station And Medanta Hospital
Although Kanodia Group is a conglomerate that was first founded as a participant in the cement industry, it has since broadened its business to include industries like media, real estate, construction solutions, and hygiene.
The project is anticipated to be finished in 48 to 60 months, with a debut date set for the end of this year. The site that Kanodia Group purchased is ideally situated close to the Huda City Center Metro station and Medanta Hospital. In addition, IKEA is developing a high-end mixed-use project near this property.
In addition to evolving a number of real estate projects with a global outlook, the Kanodia Group has committed to spending over Rs 5000 crore in the rea estate industry over the next five to seven years. Source-ET
