Shriram Properties Limited (SPL), a real estate developer company, announced yesterday its entry into the Pune market through a Joint Development Agreement for a 6-acre prime land parcel in Undri. The project is expected to generate revenue of ₹700-750 crores.
The shares of Shriram Properties Limited (SPL) were trading at ₹108.15 up by ₹4.10 or 3.94 per cent on the NSE today at 10.40 am.
The development will feature 650-plus apartments and retail/commercial spaces, with a total saleable area exceeding 10 lakh square feet. The company plans to launch the project in the second half of FY25 and complete it within four years.
SPL is also in final negotiations for development rights to an additional 8 acres, primarily for retail and commercial use.
Murali Malayappan, Chairman & Managing Director of SPL, cited Pune’s position as the second-largest residential market and its similarity to SPL’s core markets of Bangalore and Chennai as key factors in this strategic expansion.
The company currently maintains a pipeline of 42 projects with 42 million square feet of saleable area, including 26 ongoing projects. As of June 30, 2024, approximately 75 per cent of SPL’s ongoing projects have been sold, with completed projects showing zero inventory.
Shriram Properties has previously delivered over 44 projects totaling more than 24 million square feet, predominantly in Bengaluru, Chennai, and Kolkata.