Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments.
Bengaluru-based real estate developer Shriram Properties Limited (SPL) is set to deliver 2.5 million sq ft of residential space, valued at Rs 1,500 crore, by the end of FY24. The delivery encompasses 2,170 residential units spread across Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag, with 50% allocations in Bengaluru alone. Units will fall within the Rs 80 lakh to Rs 1 crore mid-market segment and the Rs 30-40 lakh affordable range, with 40% of H2 FY24 deliveries in the affordable segment. SPL eyes new launches of 5.3 million sq ft, mainly in Bengaluru's Electronic City, Yelahanka, and Jalahalli by FY24, with an additional six million sq ft planned for FY25. SPL is keen on debt reduction, currently at Rs 430 crore, exploring avenues like asset liquidation. A joint investment of Rs 206 crore with ASK Property Fund has been deployed in the ongoing Shriram 122 West project in Chennai, marking their second joint venture. The co-investment platform, initiated in November 2022, holds a total capital commitment of Rs 500 crore. Upcoming launches include a 20-acre plotted development in Chennai and a 15-acre project in Kolkata by the end of this fiscal year, contributing to the 2.8 million sq ft of ongoing plotted development across cities. As SPL navigates a diverse real estate portfolio, including luxury and affordable segments, it remains committed to delivering quality projects while strategically addressing debt concerns through innovative financial management.
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