Shriram Properties inks JV for 4-acre housing project; eyes over Rs 250 cr revenue

NEW DELHI: Realty firm Shriram Properties Ltd has partnered with a landowner to develop a 4-acre housing project in Bengaluru with an estimated revenue potential of more than Rs 250 crore.

In a regulatory filing on Tuesday, the company informed that it has signed a Joint Development Agreement (JDA) for the development of a prime 4-acre land parcel located at Yelahanka in Bengaluru.

"The proposed project will comprise of 270 apartments with an aggregate saleable area of 3.8 lakh square feet. The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years," Shriram Properties said.

The company is targeting to launch of this project during the first half of the current financial year.

"This investment is in alignment with our goal of increasing our footprint within the city and also highlights our asset light approach to accelerate growth, Murali Malayappan, Chairman and Managing Director of Shriram Properties, said.

This project will strengthen the company's overall pipeline and support in sustaining growth momentum. It 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 March 31, 2024.

Nearly 75 per cent of ongoing projects are already sold and the company has no inventory of completed projects/phases, the filing said.

Shriram Properties 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 Bengaluru, Chennai and Kolkata.

The company has delivered 44 projects with a saleable area of 24.3 million square feet over the years.