Shapoorji Pallonji Real Estate, the realty business of the Shapoorji Pallonji Group, has made an entry into the plotted development business with the initiation of their first housing plot scheme in the city of Pune. This venture is projected to generate a revenue of around ₹600 crores, indicating their intention to enter into new territory, despite being in the group housing business for so long.
The newly announced project has been titled Treetopia and has a total area of 105 acres and is segmented into 483 residential plots. Coming in the range of 2,000 to 6,000 sq ft, the venture has been planned in such a way as to be of interest to both end-users wanting to develop the property on their own and those interested in the end-goal of appreciation of investment. It is the company’s initial entry into the plotted development category, which has observed increased demand in the wake of the pandemic as buyers of residential property have shown preference for larger spaces.
SPRE has historically been interested in group housing schemes in key markets. The plotted development launch indicates the company’s reaction to changing consumer behavior and its strategy to move away from its main line of housing schemes.
Treetopia is situated in the vicinity of the upcoming Purandar International Airport, which will greatly add to the property’s enhanced value. In fact, the entire Pune Growth Corridor, in which the property lies, has witnessed a fast pace of development of infrastructure such as roads and economic nodes. Such influencers have changed the real estate situation in the region. It has developed into a high-potential micro-market.
Its proximity to the proposed developments is likely to attract both new and existing buyers as an early mover into the new growth nodes in and around Pune.
The CEO of Shapoorji Pallonji Real Estate, Sumit Sapru, has also explained that the rising interest in plotted schemes by home buyers has also resulted in the company venturing into this sector. Sapru has also clarified that with the infrastructural development in the vicinity around Pune, there would be consistent demand in this sector in the medium to long term.
As per the trend in the market, the plotted development is finding favour as consumers are looking for less density in housing, land ownership, and the flexibility to design homes according to the consumers’ preference, which apartment living cannot provide.
Now, SPRE has got a development potential of over 130 million square feet and maintains operations in the Mumbai, Pune, Bengaluru, Gurugram, and Kolkata markets.
The launch of Treetopia introduces an exciting new offering for residential projects that will now align with their existing verticals such as group housing. With its entry into the graphed housing segment, SPRE plans to enhance its market position and capitalize on a budding market niche in the residential real estate market of India. The proposed project in Pune is likely to set the example for other growth corridors across the country.
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