Shriram Properties locks a deal of 4 acres of land parcel in Electronic City

Bengaluru based one of the prominent real estate developer Shriram Properties Ltd (SPL) has acquired a four-acre land parcel in the southern IT corridor of Electronic City and plans to build around 350 apartments.

The project is situated in Chandapura, and the company estimates to develop a residential project of about 4 lakh square feet of aggregate saleable area, comprising about 350 apartments. 

This development project  holds the possibility of generating revenue exceeding Rs. 250 crore and is anticipated to be constructed within the upcoming three years. The company aims to introduce the project in the ongoing financial year (FY25). The project benefits from convenient proximity to technology parks and business centers, as well as renowned schools, healthcare amenities, and a wide range of retail offerings. The surrounding area encompasses numerous residential communities, shopping malls, educational centers, and an array of entertainment choices.

The chairman and managing director, Shriram Properties, Murali Malayappan informed “This strategic investment aligns perfectly with our goal of bolstering our presence in Bangalore, one of our core markets. Chandapura emerges as a vital micro-market with an anticipated surge in demand from the mid-market segment in the foreseeable future. Traditionally, the IT and ITeS sectors have been instrumental in propelling demand within the real estate sphere, a trend we anticipate will persist. Our foremost priority remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers.”

Shriram Properties currently has 47 projects in the pipeline, totaling 51 million sq ft (msf) of saleable area. This includes 25 ongoing projects with a combined saleable area of 23.5 msf as of March 31, 2024.