Shapoorji Pallonji Real Estate unveiled over 180 luxury residences in Bengaluru on Thursday, presenting a revenue opportunity of approximately Rs 500 crore.
In a press release, the company announced the launch of ‘Sequoia’, the final tower within its Parkwest 2.0 project situated in Binnypet, Bengaluru. Parkwest 2.0 boasts a total saleable area exceeding 18.4 lakh square feet.
The latest tower will feature more than 180 luxury apartments, covering a saleable area of 4.3 lakh square feet. Venkatesh Gopalakrishna, MD & CEO of Shapoorji Pallonji Real Estate, expressed pride in the meticulous planning and craftsmanship evident in Sequoia, the concluding phase of Parkwest 2.0.
Bengaluru stands as a significant real estate market in India, witnessing a 44% surge in residential property sales last year, according to data compiled by housing brokerage firm PropTiger. The number of residential units sold rose from 30,467 in 2022 to 44,002 in 2023. Additionally, new housing supply saw a 14% increase, reaching 47,965 units in 2023 compared to 42,215 units in the preceding year.
Shapoorji Pallonji Real Estate, with a development potential exceeding 142 million square feet, maintains a strong presence in Mumbai, Pune, Bengaluru, Gurugram, and Kolkata.
