Prominent real estate developer Shriram Properties Ltd has launched a residential project in Chennai with a total saleable area of 1.1 million square feet and a revenue potential of around Rs.550-600 crore.
The name of the project is Codename Pudhiya Chennai. The residential complex is comprised of two- and three-bedroom units and it is located in Thirumazhisai suburb of the city.
According to the opinion of Vivek Venkateswar, Chief Sales and Marketing Officer, Shriram Properties Ltd, “This micro market is a perfect combination of connectivity and lifestyle, making it an attractive choice for customers. With its strategic proximity to major transport hubs and expanding infrastructure, we are confident that this project will deliver long-term value and strong appreciation, ensuring our customers a highly rewarding investment.”
According to the statement of the company, the current project is a part of their joint development agreement, without disclosing the name of the joint venture partner.
The Bengaluru-based real estate company recently announced its ambitious goals to double sales to Rs.5,000 crore, triple revenue to rs.3,000 crore, and quadruple profits to over Rs.250 crore within the next three years.
In the 2023-24 fiscal year, Shriram Properties reported a net profit of Rs.75 crore and total income of Rs.987.35 crore. Sales value for the year reached Rs.2,362 crore.
Shriram Properties has used the opportunity of its 25th year of operations to launch a new brand identity called SPLNxT. It serves to underline its focus on the mid-market and mid-premium segments. After this step, mid-market and mid-premium projects will comprise more than 90% of the brand's portfolio, as against 67% earlier.
Over 24.4 million square feet completed projects and a pan-India presence of projects, Shriram Properties since inception in the year 1992 has been one of the leading real estate development groups in South India. Currently, the company has a project pipeline of over 40 projects with development potential of around 42 million square feet.
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