One of the prominent players of Real Estate in Bangalore, Shriram Properties is planning to offer 2.5 million sqft (msf) of residential units with a sales value of Rs 1,500 crore within the end of FY24.
In a media Interview with M Murali, the Chairman and Managing Director (CMD), Shriram Properties Limited told "We will be delivering about 2,170 residential units across Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag."
According to his statement, the 50 percent of the total delivery will be in Bangalore. The ticket sizes for the units will be in the mid-market segment of Rs. 80 lakh to Rs. 1 crore and the affordable segment of Rs. 30-40 lakh. He also added that, they are looking at 40 percent in the affordable segment for the deliveries in H2 of FY24.
In case of Bangalore, they are keeping their eyes around the corporate Hubs such as JP Nagar, Electronic City, Old Madras Road, and Sarjapur. The company is looking forward to launching at least 5.3 msf by the end of FY24 comprising about 5,000 units.
The upcoming launches will come mid-market segment, will come up in Electronic City, Yelahanka, and Jalahalli in Bengaluru. For the next FY they are planning to launch about six msf.
Soon, they will launch 20-acre plotted development in Chennai and a 15-acre project in Kolkata by the end of this FY, and about 2.8 msf of plotted development is ongoing across the cities. According ro the record, over the last few years, the supply in the luxury segment increased rapidly, and the land prices in major cities like Bengaluru and Mumbai continue to grow QoQ.
This year, SPL and ASK Property Fund announced a joint investment of Rs 206 crore to take up 100 percent development rights in an ongoing stressed project in Chennai. Shriram 122 West is the second joint investment by the co-investment platform set up by ASKS and SPL in November 2022, with an aggregate capital commitment of Rs 500 crore.
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