In 2021, we acquired a majority stake in the second phase of Three Jewels, a 1,572-unit housing project in Pune, India.
Three Jewels was designed by our long-term strategic partner, Kolte Patil Developers Ltd, and is already in the construction phase with 750 apartments currently occupied by local families. In the second phase of the project – ‘Futurist’, we will introduce innovations studied by Planet Idea — its Competence Centre based in Italy — to increase community cohesion and environmental standards for all 1,572 families in the neighbourhood.
Three Jewels is the second real estate development project by Planet Smart City in India. The activity in the subcontinent began in 2020 with the establishment of our advisory company in Pune which supports real estate developers and public bodies in the construction of neighbourhoods and large smart residential buildings. The advisory firm is supported by the Indian branch of our Competence Centre. In total, the project consists of seven buildings.
Three Jewels supports our broader growth ambitions for India and across Asia. In July 2021, we announced an extension of our partnership with Kolte-Patil Developers Ltd. to develop 15,000 apartments in Pune, Bengaluru, and Mumbai across three years. Three Jewels – as well as Universe –are important proof points as we work towards this shared goal.