Mumbai-based reality firm Shapoorji Pallonji Real Estate (SPRE) on Wednesday entered the National Capital Region (NCR) with the launch of Joyville — a mid-scale housing project in Gurugram. The Group is investing ₹1,200 crore on this project which will be in three phases with the first phase to be completed by 2023. In an interview with BusinessLine , Sriram Mahadevan, Managing Director, Joyville Shapoorji Housing shared details on the brand’s expansion plans and its target audience. Edited excerpts -

Why do you think it’s the right time to enter into the NCR market?

Under the Joyville brand, the focus is on the job-creating cities where most of the migration is taking place, and NCR is a place one could not have missed out. The region has seen the worst of the times, but right now it is in the phase of bottoming out. Now the investors have gone and it is the end users present in the market, and when the market is backed by the end-users, it sees revival.

So what are your expansion plans for this market?

For Joyville, this is the only project as of now, but the mother brand SPRE will soon come to Sector 113 in Gurugram and Sector 150 in Noida.

Who will be your target audience for Joyville?

The target audience is the upwardly mobile customers like those in the IT industry in the age group of 30-45 years.

But, do you think such customers are able to pay the amount which you have kept – ₹58 lakh onwards?

It is a bit higher I know…from ₹58 lakh to ₹1.04 crore. But, that is because of the location and the quality that we are offering and people don’t mind giving some extra premium when it comes to a trusted brand.

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