Mid-premium residential real estate developer Shriram Properties said it has signed a Joint Development Agreement to develop a prime land at Koyambedu in Chennai.
The Company is embarking on developing a premium residential complex with an aggregate saleable area of 3.2 lakh sqft, to be developed over the next 3 years.
The project is expected to have aggregate revenue potential of approx. Rs 350 –Rs 400 crore and is being targeted for launch during early FY26, the company said.
Murali Malayappan, CMD of SPL, said, “This investment aligns with our asset-light strategy to drive accelerated growth. Chennai presents a promising market with immense potential for established brands like Shriram. This micro market is well established and a hotspot of prime developments. We are looking forward to its launch in early next financial year and remain committed to delivering top-notch quality and utmost satisfaction for our customers”.
This project acquisition is an integral part of SPL’s pursuit of accelerated growth, whilst remaining asset light. The project will further fortify its strong project pipeline and support growth momentum going forward.
Shriram Properties Ltd (SPL) is one of South India’s leading residential real estate developer, primarily focused on the mid-market and mid-premium segments. SPL has demonstrated track-record having delivered 46 projects with a saleable area of 25.0 msf, mostly in Bengaluru and Chennai and in recent years at Kolkata. SPL has a strong development pipeline comprising of 42 projects with an aggregate development potential of 40.2 msf, as of September 30, 2024.
