The Shapoorji Pallonji Group has launched its affordable housing brand - Joyville, under which the group is targeting to build 20 million sq ft of residential space over the next 6-7 years in the first phase of its affordable housing business plan.

These projects will be developed across Mumbai, Pune, National Capital Region, Chennai, Kolkata, Bengaluru and Ahmedabad.

The business plan will focus on both tier-1 and tier-2 cities with project sizes in the range of 1.2 million to 5 million sq ft. The first phase will include around 20,000 affordable residential housing units.

Last year, the group attracted foreign direct investment worth over $200 million for this venture from Standard Chartered Private Equity, World Bank member IFC and the Asian Development Bank.

"We see a huge demand and need across the country for affordable homes. The Shapoorji Pallonji Group is well placed to take advantage of this opportunity due to our presence across the development value chain which will be critical in delivering effective quality and cost within stipulated timelines. This venture will also contribute to the Prime Minister's 'Housing for All' mission of providing 20 million houses by 2020," said Venkatesh Gopalkrishnan, Business Head - Joyville Shapoorji.

The projects will be located in suburban locations of preselected cities and the first project will be located in Howrah, Kolkata.

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