Shapoorji Pallonji group is seeking opportunities for affordable housing projects in Kochi, Chennai, Ahmedabad, Indore, Ghaziabad and Coimbatore. It plans to develop 10-12 million sq ft in the second phase of its joint investment programme with World Bank arm IFC, Asian Development Bank and Standard Chartered Private Equity.
Shapoorji Pallonji would, along with its partners, spend Rs 800 crore, said Venkatesh Gopalkrishnan, chief executive officer, Shapoorji Pallonji Real Estate. The $5.5-billion group had last year tied up with investors to develop the affordable housing projects branded as Joyville. Shapoorji Pallonji and the investors brought in Rs 1,500 crore as initial capital for buying land and other purposes.