Shriram Properties rises post signing JDA for prime land parcel in Bengaluru

Shriram Properties added 2.33% to Rs 120.95 after the company announced the signing of joint development agreement (JDA) for development of a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru.

The proposed project will comprise of 270 apartments with an aggregate saleable area of approximately 3.8 lakh square feet. The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years. The company is targeting to launch of this project during first half of current financial year (H1- FY25).

"This initiative is in line with SPLs vision of developing exceptional residential communities in the upcoming micro markets, the company said in a statement.

The new project promises effortless access to Yelahanka and the Bangalore International Airport. It is also in close proximity to prestigious schools, healthcare facilities, and a range of exciting retail experiences, in a neighborhood that symbolizes a harmonious blend of convenience and luxury.

This project will strengthen the companys overall pipeline and support in sustaining growth momentum. Murali Malayappan, CMD, SPL said: This investment is in alignment with our goal of increasing our footprint within the city and also highlights our asset light approach to accelerate growth.

Owing to its proximity to the Airport, Yelahanka emerges as a vital micro-market, witnessing significant demand over the last five years. Our foremost priority remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers.

Shriram Properties (SPL) is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPLs key markets include Bangalore, Chennai and Kolkata, which together account for nearly 85% of its development activities. SPL has demonstrated a track record of having delivered 44 projects with a saleable area of 24.3 msf over the years. The company has a strong pipeline of 47 projects with 51 msf of saleable area, including 25 ongoing projects with aggregate saleable area of 23.5 msf as of 31 March 2024.

The company has reported 17.35% decline in consolidated net profit to Rs 18.48 crore despite a 25.81% rise in revenue to Rs 221.21 crore in Q3 FY24 as compared with Q3 FY23.

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