Business conglomerate Shapoorji Pallonji's housing platform Joyville has clocked a nearly three-fold jump in its sales booking at Rs 450 crore during the first half of this fiscal year on strong demand for mid-income residential properties, a top company official said.
Business conglomerate Shapoorji Pallonji's housing platform Joyville has clocked a nearly three-fold jump in its sales booking at Rs 450 crore during the first half of this fiscal year on strong demand for mid-income residential properties, a top company official said.
Joyville, which is a Rs 1,240 crore platform established by Shapoorji Pallonji, ADB, IFC, and Actis, had sold properties worth Rs 160 crore in the corresponding period of the last fiscal year.
In an interview with PTI, Joyville Shapoorji Housing Managing Director Sriram Mahadevan said, "the real estate market is doing well because of improved market sentiments driven by progress in the vaccination program."
Moreover, COVID-19 cases have also come down significantly, he added.
"We have sold over 700 apartments for around Rs 450 crore in the first six months of this financial year. The sales bookings have grown almost three times compared to the year-ago period," Mahadevan told PTI.
Sales have been good in all four cities, but projects in Pune have performed exceedingly well, he said, while expressing confidence about maintaining the momentum.
Mahadevan attributed various factors for growth in its sales bookings including "positive consumer sentiment, improved affordability of consumers on higher income and stable housing prices, low interest on home loans and more importance of homeownership during the pandemic".
Joyville platform had sold properties worth around Rs 1,100 crore in the last financial year, double from the previous year. The financial year 2020-21 was "the best year" for Joyville despite the COVID-19 pandemic.
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