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Shriram Properties Limited (“SPL”), one of the leading residential real estate developers in South India, has signed a Joint Development Agreement for a 6-acres prime land, nestled in the upcoming micro markets of Undri in Pune.
The Company is embarking on mixed-use development, comprising of 650+ apartments and some retail/commercial spaces with an aggregate saleable area of over 1.0 msf, to be developed over the next 4 years. The project has aggregate revenue potential of appox. Rs 700 – Rs 750 crores. The Company is targeting to launch this project during H2-FY25. SPL envisions crafting a landmark residential project in this upcoming micro market of Pune. The project promises effortless access to IT/ITeS spaces, retail, premium educational institutions, and central parts of the city.
The Project also comes with option for development of an additional 8 acres, predominantly retail and commercial. SPL is in the final stages of securing development rights to this additional land, expected to be completed shortly.
SPL has decided on an entry into the Pune markets, as it is the second largest residential market that grown strongly in recent years. Pune is predominantly mid-market focused and benefits from customer demography that is similar to SPL’s core markets of Bangalore and Chennai. It is supported by diversified and buoyant economic activity and growing infrastructure investments.
This project acquisition is integral part of SPL’s pursuit of accelerated growth, whilst remaining asset light, over the next few years. The project will further fortify its strong project pipeline and support growth momentum going forward. SPL has a strong pipeline of 42 projects with 42 msf of saleable area, including 26 ongoing projects with 24.3 msf of saleable area as of June 30, 2024. Nearly 75% of ongoing projects are already sold and the Company has ‘zero inventory’ in completed projects.
