Shriram Properties upbeat on 35% growth; expects to outperform realty sector

CHENNAI: Shriram Properties is extremely bullish on the realty business in the city, where it plans to develop 1.8 mn sqft this year.

Anticipating the realty industry to register a 25 per cent growth for the calendar year 2023, Shriram Properties CMD M Murali exuded confidence on his company’s growth outpacing the sector. “We expect to grow faster than the industry as we look at 30-35 per cent growth,” he said, giving an overview of the company’s plans. By the year-end, Shriram Properties intends to develop 1.8 mn sq ft in Chennai, out of the 4.5 mn sqft development it has planned across the country.

Noting that the company is seeing an “aggressive growth across all directions in Chennai,” he said it has a portfolio of 15.29 mn sq ft apart from many projects in the “under construction” phase.

Murali said the company has executed projects worth Rs 3,000 cr in Chennai while Rs 2,500 crore worth of projects are under development. “Projects worth Rs 2,425 cr will be launched next year,” he said.

Giving an update about the various projects, Murali said the 2.1 mn sqft Shriram Park in Perangalathur was progressing well. While phase I of the project was handed over ahead of schedule, the next phase is also in completion stage, nine months ahead of schedule. “Phase III is under construction,” he said, adding their Temple Bells 2000-units project in Guduvanchery was seeing good traction. It was emerging as a “preferred destination for customers’ in their post-retirement phase, as they could experience city life with a village atmosphere.”

Other projects he touched upon included Shriram Shankari apartments, Divine City in Mangadu. The company plans to launch a 1 mn sqft project on Poonamallee. Projects in the pipeline include an additional 0.5 mn sqft development near Mangadu in Q4 and 6 lakh sq ft on OMR highway in Q1 of next year.

Murali also said consolidation in realty sector had led to top ten developers doing 90 per cent of the development work. Besides looking at developing a landmark shopping mall near Perangalathur, it is also gearing up to foray into Pune. Apart from Chennai, Shriram Properties has presence in Bengaluru, Vizag and Kolkata.