Shapoorji Pallonji Real Estate (SPRE), the property development arm of the Shapoorji Pallonji Group, plans to develop a 900-acre plotted township in Khopoli along the Mumbai-Pune corridor, targeting estimated revenue of ₹6,000 crore. The project will be developed in multiple phases, with the first 200 acres already receiving regulatory approval for launch.
The proposed township will focus on residential plots, second-home buyers and lifestyle-oriented facilities, including health and wellness amenities. Venkatesh Gopalakrishnan, Director at the Group Promoter’s Office and Managing Director of SPRE, said the company has already invested approximately ₹1,500 crore in acquiring the land and expects to complete the first phase within the next three years.
Shapoorji Pallonji Plans 900-Acre Township in Khopoli
The proposed township is located in Khopoli, a town in Maharashtra’s Raigad district along the Mumbai-Pune corridor. The location is surrounded by hills and water bodies, making it suitable for the company’s proposed focus on second homes and lifestyle-oriented residential development.
SPRE intends to develop the 900-acre land parcel through multiple phases rather than launch the entire township simultaneously.
The project will incorporate different themes, including health and wellness. Sports and other lifestyle facilities are also expected to form part of the development as the township progresses.
According to Gopalakrishnan, the company has secured regulatory approval to launch the first 200 acres and is currently seeking expressions of interest from prospective customers.
The estimated revenue potential of ₹6,000 crore represents the company’s target for the entire 900-acre development, not revenue already generated from sales.
First Phase Covers 200 Acres
The first phase will cover 200 acres, representing approximately 22% of the total planned township area.
SPRE is targeting completion of this phase within three years. The company plans to offer plots across different price categories to attract buyers with varying budgets.
The proposed inventory distribution is as follows:
| Plot price category | Share of first-phase inventory |
|---|---|
| Below ₹1 crore | 50% |
| ₹1 crore to ₹2 crore | 25% |
| Above ₹2 crore | 25% |
This pricing structure indicates that the developer intends to target both buyers seeking relatively lower-ticket residential plots and customers interested in higher-value second homes.
The company has not disclosed the complete plot inventory, final pricing for every category or the detailed sales schedule for the entire township.
The first phase is expected to establish the project in the market before SPRE moves towards subsequent development stages.
Company Has Already Invested ₹1,500 Crore
SPRE has invested approximately ₹1,500 crore in the project, primarily towards acquiring the land using equity capital.
The company expects to require an additional ₹500 crore to ₹600 crore for the remaining investments associated with development.
According to Gopalakrishnan, this additional funding will be arranged through customer advances and working-capital loans from banks.
This approach would allow the developer to finance part of the township’s development through collections from buyers rather than relying entirely on fresh equity investment.
The project is therefore being planned around phased development and monetisation, with subsequent investments linked to the progress of the initial stages.
The company has also completed the land acquisition process for the 900-acre parcel, according to the management statement.
Why Shapoorji Pallonji Is Expanding Into Plotted Development
The Khopoli township is part of SPRE’s broader expansion into plotted residential development.
The company entered the housing-plot segment in late 2025 with a 105-acre project near Pune. Following the response to that development, it decided to expand its presence in the segment.
Plotted developments offer a different business model from conventional residential projects.
Instead of constructing apartments and selling completed or under-construction homes, developers prepare land parcels with the necessary infrastructure and sell individual plots to buyers.
Customers can then plan and construct independent homes according to their requirements, subject to applicable approvals and development conditions.
For developers, this model can provide another way to monetise large land holdings through phased sales.
SPRE is looking to use this approach to unlock value from its land bank along the Mumbai-Pune corridor.
Khopoli’s Location and Second-Home Market
Khopoli’s position between Mumbai and Pune makes it relevant to the second-home market.
The area offers access to two major urban centres while providing a setting different from densely developed city neighbourhoods.
The Mumbai-Pune Expressway and other road connections support travel between the region’s major residential and commercial markets. The surrounding hills and water bodies also align with the developer’s proposed wellness-oriented positioning.
SPRE believes there is substantial demand from buyers interested in acquiring plots for second homes.
However, the company has acknowledged that overall housing demand has moderated somewhat over the past year following the strong sales growth recorded after the COVID-19 pandemic.
Gopalakrishnan said demand for established developers remains relatively steady, with buyers increasingly showing interest in projects from recognised real estate brands.
The company’s strategy will therefore depend on attracting customers who value the developer’s reputation, the location and the proposed township infrastructure.
Shapoorji Pallonji’s Wider Land Monetisation Strategy
The 900-acre Khopoli project also fits into SPRE’s larger plan to monetise its land holdings across Maharashtra.
The company has a land bank of more than 3,000 acres spread across the Mumbai Metropolitan Region, Pune and Nagpur.
It intends to develop multiple plotted projects over the next three to four years, with a cumulative revenue potential of more than ₹10,000 crore, according to earlier management statements reported in November.
The Khopoli township is expected to contribute more than ₹6,000 crore to this broader strategy.
The company has also indicated that its plotted development portfolio will complement its existing residential and commercial real estate businesses.
SPRE has a presence in Mumbai, Pune, Bengaluru, Gurugram and Kolkata, with future development potential of more than 100 million square feet.
The Bigger Picture
The expansion of organised developers into plotted housing reflects a broader shift in India’s real estate market. As land prices and construction costs influence residential development economics, companies are exploring different ways to generate revenue from large land holdings.
Plotted developments can provide buyers with greater flexibility over the design and construction of their homes. They also allow developers to release inventory in stages, potentially reducing the need to undertake a large construction programme at the beginning of a project.
For the Mumbai-Pune corridor, projects such as the Khopoli township could bring additional organised residential development to locations outside established urban centres.
However, the success of these developments will depend on actual buyer demand, infrastructure availability, connectivity, regulatory compliance and the pace of execution.
Looking Ahead
SPRE’s immediate priority is to begin customer engagement for the first 200 acres and move ahead with the initial development phase. The company is targeting completion of this phase within three years, while the remaining portions of the 900-acre township will be developed progressively. Investors and potential buyers will be watching the project’s sales response, infrastructure development and subsequent phase announcements.
The ₹6,000 crore revenue target represents a significant opportunity for the company’s plotted development business, but it remains a projection dependent on future sales and execution. With approximately ₹1,500 crore already invested and another ₹500 crore to ₹600 crore expected in development funding, the project will be an important test of SPRE’s strategy to monetise large land parcels through phased residential development.
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