“Shriram Properties Limited (“SPL”), one of South India’s leading residential real estate developers, has signed a joint development agreement for a 6-acre prime land located in the upcoming micro market of Andri in Pune,” the company said in a filing to the exchanges.
The company intends to develop a mixed-use development comprising of 650+ apartments and several retail/commercial spaces with a gross salable area of over 1.0 msf, to be developed over the next 4 years.
In this project approximately Rs. 700-750 crore gross revenue potential and is targeted to launch during H2-FY25.
The company has informed that the project will also come with an option to develop an additional 8 acres of land, mainly retail and commercial, for which the company is in the final stages of acquiring development rights.
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This is expected to be completed soon.
SPL has decided to enter Pune markets, as it is the second largest residential market which has grown strongly in recent years. Pune is primarily mid-market focused and benefits from customer demographics similar to SPL’s core markets of Bangalore and Chennai.
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“This investment is in line with our asset light strategy for accelerated growth. Pune is a promising market, and we see significant potential for big, established brands like Sriram. Owing to its proximity to IT/ITeS, Andri has emerged as an important micro market witnessing significant demand in recent years. We look forward to the launch of the project during this quarter and are committed to deliver the highest quality expeditiously and ensure utmost satisfaction for our customers,” said Murali Malayappan, Chairman and Managing Director, SPL.
Shares of Sriram Properties have gained 20% in the past one year while falling 12.7% in the current calendar year.
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