New Delhi: Shriram Properties Ltd has purchased 4 acres of land in Bengaluru to develop a residential project with a revenue potential of over Rs 250 crore.
In a regulatory filing, the company announced the acquisition of 4 acres of land in Chandapura, close to Electronic City in Bengaluru.
It did not disclose the value of the deal.
Shriram Properties will develop a total salable area of approximately 4 lakh square feet, which will include approximately 350 carefully designed apartments.
“The project has a revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years,” the filing said.The company is aiming to launch the project during the current financial year."
Shriram Properties has a strong pipeline of 47 projects with a total salable area of 51 million sq ft, including 25 ongoing projects with a total salable area of 23.5 million sq ft as of March 31, 2024.
Commenting on the development, Murali Malayappan, Chairman Managing Director of the company, said, “This strategic investment aligns perfectly with our aim to strengthen our presence in Bengaluru, one of our core markets with Chandapura anticipating a boom in Has emerged as an important micro market.” "Demand from the mid-market segment in the near future."
Traditionally, he said the IT and ITES sectors have been instrumental in driving demand in the real estate sector, a trend that will continue.Shriram Properties Limited (SPL) is one of the leading residential real estate development companies in South India, primarily focused on mid-market and affordable housing categories.
Its key markets include Bangalore, Chennai and Kolkata, which together account for about 85 percent of its development activities.
The company has delivered over 44 projects involving developments of over 2 million square feet, mostly in the cities of Bengaluru, Chennai and Kolkata.
Shriram Properties is part of Shriram Group, a leading business conglomerate with an operating history of four decades in India. The company held its initial public offering and became a publicly traded company in December 2011.
In a regulatory filing, the company announced the acquisition of 4 acres of land in Chandapura, close to Electronic City in Bengaluru.
It did not disclose the value of the deal.
Shriram Properties will develop a total salable area of approximately 4 lakh square feet, which will include approximately 350 carefully designed apartments.
“The project has a revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years,” the filing said.The company is aiming to launch the project during the current financial year."
Shriram Properties has a strong pipeline of 47 projects with a total salable area of 51 million sq ft, including 25 ongoing projects with a total salable area of 23.5 million sq ft as of March 31, 2024.
Commenting on the development, Murali Malayappan, Chairman Managing Director of the company, said, “This strategic investment aligns perfectly with our aim to strengthen our presence in Bengaluru, one of our core markets with Chandapura anticipating a boom in Has emerged as an important micro market.” "Demand from the mid-market segment in the near future."
Traditionally, he said the IT and ITES sectors have been instrumental in driving demand in the real estate sector, a trend that will continue.Shriram Properties Limited (SPL) is one of the leading residential real estate development companies in South India, primarily focused on mid-market and affordable housing categories.
Its key markets include Bangalore, Chennai and Kolkata, which together account for about 85 percent of its development activities.
The company has delivered over 44 projects involving developments of over 2 million square feet, mostly in the cities of Bengaluru, Chennai and Kolkata.
Shriram Properties is part of Shriram Group, a leading business conglomerate with an operating history of four decades in India. The company held its initial public offering and became a publicly traded company in December 2011.
