Shapoorji Pallonji Real Estate plans land monetization programme

Mumbai: Shapoorji Pallonji group’s real estate arm plans to monetize about 100 acres of land over the next two years to raise about ₹ 2,000 crore, bulk of which will be used to repay debt. Shapoorji Pallonji Real Estate is also in the process of raising another $200 million equity under its mid-income housing platform, Joyville, from existing investors—International Finance Corporation, Asian Development Bank and Standard Chartered Private Equity whose real estate business is now part of UK-based Actis.