Leading South Indian real estate developer Shriram Properties Limited (SPL) has announced the acquisition of a 4-acre land parcel in Chandapura, Bengaluru to develop a luxury residential project. The project will consist of approximately 350 meticulously designed apartments within a saleable area of 4 lakh square feet, with an estimated revenue of over Rs. 250 crores. Nestled in vibrant Chandapura with proximity to IT parks and amenities, the project aims to provide a high-quality living experience. SPL has a robust pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects of 23.5 million square feet as of March 31, 2024.
Shriram Properties Limited (SPL), a leading real estate developer in South India, has announced the acquisition of a 4-acre prime land parcel located in Chandapura, close to Bengaluru's Electronic City.
SPL plans to develop a landmark residential project on this land, comprising approximately 350 meticulously designed apartments within an aggregate saleable area of around 4 lakh square feet. The project is expected to have a revenue potential exceeding Rs. 250 crores and will be developed over the next 3 years. SPL aims to launch the project during the current financial year (FY25).
Nestled in vibrant surroundings with easy access to tech parks and corporate hubs, the project promises a strong social infrastructure including prestigious schools, healthcare facilities, and retail options. Surrounded by upscale residential enclaves, dynamic shopping centers and renowned educational institutions, the location epitomizes convenience and luxury living.
Commenting on the investment, Murali Malayappan, Chairman & Managing Director of SPL, said this acquisition aligns with their goal of strengthening presence in Bengaluru, one of their core markets. Chandapura is emerging as a key micro-market with anticipated pickup in mid-market demand. Traditionally, the IT and ITeS sectors have fueled real estate demand, a trend they anticipate to continue.
SPL has a robust pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects of 23.5 million square feet as of March 31, 2024. Nearly 75 % of ongoing projects are sold already and there is no material inventory in completed projects/phases. SPL has delivered 44 projects with 24.3 million square feet saleable area, and their foremost priority is swift, quality delivery for customer satisfaction.
The company has an impressive track record of delivering quality projects on time and aims to apply the same standards to the Chandapura development. Backed by a strong pipeline of projects, SPL is well positioned to cater to the growing demand for residential properties from IT/ITeS professionals and meet the expectations of homebuyers for luxurious and convenient living.
Advertisement
Facebook
Whatsapp
