Shriram Properties Ltd has entered into a Joint Development Agreement for a 9.1-acre land parcel in Bengaluru, aiming for a revenue potential exceeding Rs 600 crore from the planned housing project. The company expects to launch the development within the current financial year.
The company's expansion into new projects in Bengaluru signals continued investment in the city's real estate market and contributes to the supply of residential properties.
Shriram Properties Ltd has announced plans for two new housing projects in Bengaluru, with a combined expected revenue potential of over Rs 1,200 crore.
In one development, the company has entered into a Joint Development Agreement (JDA) for a 9.1-acre land parcel located at Doddagubbi in North-East Bengaluru. This project is anticipated to generate revenue exceeding Rs 600 crore and is slated for launch within the current financial year. The company has not disclosed the identity of the landowner.
In a separate transaction, Shriram Properties acquired a 4-acre land parcel on Sarjapur Main Road in South-East Bengaluru through an outright purchase. This land will be developed into a premium high-rise residential project, with an estimated Gross Development Value (GDV) of Rs 550-600 crore, comprising approximately 5 lakh sq ft of saleable area.
Shriram Properties is a prominent Indian real estate developer with a presence in Bengaluru, Chennai, Pune, and West Bengal. The company has a track record of delivering over 50 projects and maintains a pipeline of 41 projects.