Shapoorji Pallonji's housing platform Joyville will invest around Rs 750 crore to develop a new luxury residential project in Pune.

The firm has acquired around nine acres of land near Hadapsar in Pune to launch a two-tower plan comprising 1,350 housing units. The first phase comprises the 'Sky-Luxe Edition' of duplexes and penthouses with carpet area ranging between 1,220 and 1,326 sq ft. The company will develop the entire project in a phased manner over the next five to six years.

The total development potential is around 13 lakh sq ft and will incur a cost of around Rs 700-750 crore. This marks the seventh project of Joyville platform and the fourth in Pune. Its other residential projects are coming up in Howrah (Kolkata), Mumbai and Gurugram, Haryana.

Joyville Shapoorji Housing is a USD 200 million joint venture formed by Shapoorji Pallonji, ADB, IFC and Actis for housing projects.