Shriram Properties Buys Land in Bengaluru for Rs 250 cr Project

New Delhi, May 3 (PTI) Shriram Properties Ltd has bought 4-acre land in Bengaluru to develop a housing project having a revenue potential of over Rs 250 crore.

In a regulatory filing, the company announced the acquisition of a prime 4-acre land parcel at Chandapura, close to Electronic City in Bengaluru.

It did not disclose the deal value.

Shriram Properties would develop around 4 lakh square feet of aggregate saleable area, comprising about 350 meticulously designed apartments.

"This Project has revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years. The company is targeting to launch the Project during the current financial year," the filing said.

Shriram Properties has a strong pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects with an aggregate saleable area of 23.5 million square feet as of Mar 31, 2024.

Commenting on the development, Murali Malayappan, the company's Chairman & Managing Director, said, "This strategic investment aligns perfectly with our goal of bolstering our presence in Bengaluru, one of our core markets. Chandapura emerges as a vital micro-market with an anticipated surge in demand from the mid-market segment in the foreseeable future."

Traditionally, he said the IT and ITeS sectors have been instrumental in propelling demand within the real estate sphere, a trend that would persist.

Shriram Properties Ltd (SPL) is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories.

Its key markets include Bangalore, Chennai and Kolkata, which together account for nearly 85 per cent of its development activities.

The company has delivered over 44 projects involving development of over 24 million square feet mostly in the cities of Bengaluru, Chennai and Kolkata.

Shriram Properties is part of the Shriram Group, a prominent business group with four decades of operating history in India. The company made its initial public offering and became a publicly traded company in December 21.