Shriram Properties to Develop Rs 250 Crore Housing Project in Bengaluru

Realty firm Shriram Properties Ltd has announced a new joint venture to develop a 4-acre housing project in Bengaluru. In a regulatory filing, the company revealed that it has signed a Joint Development Agreement (JDA) with a landowner for a prime land parcel located in Yelahanka, Bengaluru. The project is expected to generate an estimated revenue of more than Rs 250 crore.

The proposed development will feature 270 apartments with a total saleable area of 3.8 lakh square feet. Shriram Properties aims to launch the project during the first half of the current financial year and expects to complete it over the next three years.

Murali Malayappan, Chairman and Managing Director of Shriram Properties, stated, "This investment aligns with our goal of increasing our footprint within the city and highlights our asset-light approach to accelerate growth".

The project is expected to strengthen the company’s overall pipeline and support its growth momentum. Shriram Properties has a robust pipeline of 47 projects with a combined saleable area of 51 million square feet. As of March 31, 2024, the company has 25 ongoing projects totaling 23.5 million square feet of saleable area, with nearly 75 percent of these projects already sold. Additionally, the company reported no inventory of completed projects or phases.

Shriram Properties is a leading residential real estate development company in South India, primarily focusing on the mid-market and affordable housing categories. Its key markets include Bengaluru, Chennai, and Kolkata. Over the years, the company has successfully delivered 44 projects with a total saleable area of 24.3 million square feet.

The new project in Yelahanka is a significant step in Shriram Properties’ strategy to expand its presence in Bengaluru, enhancing its portfolio and meeting the growing demand for residential housing in the region.