Shriram Properties signs JDV for Residential Project eyeing on Rs. 250 crore

Realty major Shriram Properties Ltd has collaborated with a landowner in order to 4acre residential project in Bengaluru targeting a revenue potential of more than Rs. 250 crore. In a regulatory filing, the company informed that it has signed a Joint Development Agreement (JDA) for the development of a prime 4-acre land parcel, which is located at Yelahanka in Bengaluru.

In an official statement the company said, "The proposed project will comprise of 270 apartments with an aggregate saleable area of 3.8 lakh square feet. The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years." 

The company is eyeing on to launch this project during the first half of the current financial year. The regulatory filing also added that, nearly 75% of ongoing projects are already sold and the company has no inventory of completed projects/phases.

According to the Chairman and Managing Director of Shriram Properties, Murali Malayappan, "This investment is in alignment with our goal of increasing our footprint within the city and also highlights our asset light approach to accelerate growth.”

The construction of this housing project will give strength to the company's overall pipeline and support in sustaining growth momentum. The company has a strong pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects with an aggregate saleable area of 23.5 million square feet.

Shriram Properties is one of the top rated residential real estate developer of South India. The company is primarily focused on the mid-market and affordable housing categories. Its key markets include Bengaluru, Chennai and Kolkata. To date, the company has delivered 44 projects with a saleable area of 24.3 million square feet.