Bengaluru-based real estate player Shriram Properties is on track to register a 25% year-on-year growth in revenue to clock Rs 2,300 crore this financial year. The realty player is also anticipating a 20% surge in its annual sales on the back of a 14% year-on-year rise in housing prices so far.
Industry players attribute this price jump in 2023 to a demand rally accompanied with increase in raw material prices, labour wages and interest on capital. With five residential projects slated to be launched across Bengaluru and Chennai in coming months, the brand is looking to collectively deliver over 4.5 million square feet of saleable area during the fiscal ending on March 31, 2024.
Company Chairman And Managing Director Murali Malayappan attested to a shifting of focus towards the premium end of the middle housing segment in the future. “We’ve been dominant in the mid-market segment, (moving) to mid-premium now because that is where the demand is also going up phenomenally well today,” he said.
He listed minimal stamp duty charges, a lower Goods and Services Tax and a single window clearance for regulatory approvals as actionable measures to improve the supply of budget housing units in the country.
