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Shriram Properties Limited (SPL) has sold a 3.9-acre land parcel on Chennai's GST Road for INR 93 crore to a prominent South Indian healthcare and educational group. This land, previously designated for retail development, is located near SPL's fully operational 4 MSF office complex and a 2 MSF residential project, Shriram Park 63. The sale aligns with SPL's strategy to divest non-core assets and redirect funds towards its core focus on mid-market and mid-premium residential projects in cities like Bengaluru, Chennai, and Kolkata.
Shriram Properties Limited (SPL), a leading name in the real estate sector, has sold a 3.9-acre land parcel in Chennai to a prominent healthcare and educational conglomerate in South India. The transaction, valued at INR 93 crore, was facilitated through SPL's wholly-owned subsidiary, SPL Shelters Private Limited. While the buyer's identity remains undisclosed, the property, located on GST Road, had approval for retail development and is situated adjacent to a 4 MSF operational office complex and a 2 MSF residential project, 'Shriram Park 63'. Advertisement
According to a company release, the sale reflects SPL's decision to monetise non-core land assets to reinforce its focus on residential real estate development. SPL's Chairman and Managing Director, M Murali, stated that this move represents a pivotal step in the company's broader strategy of unlocking value from existing assets. He added that the transaction would allow SPL to redirect capital towards growth funding needs, particularly in residential projects.
SPL, known for its emphasis on mid-market and mid-premium residential segments, primarily operates in Bengaluru, Chennai, and Kolkata, which account for 85% of its activities. The company is also planning to venture into the Pune market. With a legacy of delivering 46 projects spanning 25 MSF in saleable area, SPL currently has a pipeline of 42 projects with a total development potential of 40.2 MSF as of late 2024.
Shriram Properties reported a consolidated net loss of Rs 0.99 crore for the September quarter of financial year 2024-25, a significant decline from a net profit of Rs 20.15 crore in the same period last year. Revenue from operations also dropped 31.8 per cent to Rs 141 crore compared to Rs 206.08 crore a year ago.
Shriram Properties' decision to divest its Chennai land parcel underscores its commitment to optimising financial management and growth. By focusing on monetising non-core assets, SPL aims to strengthen its presence in the residential real estate market, with an emphasis on mid-market and mid-premium segments. This strategic move not only supports the company's growth trajectory but also enhances its ability to deliver projects across key markets like Bengaluru, Chennai, and Kolkata, while preparing for new opportunities in Pune.
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