Shriram Properties plan 5.4 mn sq ft development, target Rs 28 bn sales
Real Estate

Shriram Properties plan 5.4 mn sq ft development, target Rs 28 bn sales

Shriram Properties (SPL), a real estate developer based in Bengaluru, has announced plans to develop 5.4 million square feet (msf) of property in the fiscal year 2023-24, with an estimated sales value of Rs 28 billion. SPL aims to pre-sell 4.8 msf of this space, amounting to approximately Rs 23.3 billion. The company intends to launch a total of 11 projects across Bengaluru, Chennai, and Kolkata, including three stuck assets in Bengaluru, according to SPL's Managing Director, M Murali, in an interview with media.

Murali stated, "Last year, we provided guidance of presales volume ranging from 4.25 to 4.5 msf in FY22-23, and we achieved 4.02 msf. For the current year, we have set a confident target of 4.8 msf."

SPL witnessed a significant increase in its profit after tax (PAT) from Rs 180 million in FY21-22 to Rs 680 million in FY22-23. The company plans to boost its construction expenditure from Rs 5 billion in FY21-22 to Rs 7.53 billion in FY23-24.

During this fiscal year, approximately 67 per cent of the projects will be developed in collaboration with other developers or landowners.

The first two project launches will occur in Bengaluru during the first quarter. Bengaluru accounted for around 62 per cent of SPL's launches last year, while Chennai and Kolkata accounted for 22 per cent and 16 per cent, respectively.

Four projects with a development potential of 2.9 msf will be launched in Chennai, while six projects with a development potential of 1.6 msf will be launched in Bengaluru. Additionally, one project is planned for launch in Kolkata.

SPL will explore opportunities in the northern, southern, and eastern parts of Bengaluru, whereas in Chennai, the new launches will be concentrated in the southern, south-eastern, and western areas of the city. In Kolkata, SPL's focus will be on Uttarpara, located to the north of the city.

Murali mentioned, "The average rate will be about Rs 6,000 per square foot for 1,200-1,300 sq ft apartments. Approximately 57 per cent of the launches will be in the mid-market segment, 21 per cent in plotted development, 8 per cent in the luxury segment, and the remaining in the affordable range."

The company also plans to enter the residential real estate market in Pune by the end of this financial year.

In Bengaluru, construction is currently underway for a villament project in Sarjapura. With a development potential of 600,000 square feet, phase 1 of the project is expected to be completed by March 2024. Each unit in the project will be priced at Rs 1.6-1.7 crore.


Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Shriram Properties (SPL), a real estate developer based in Bengaluru, has announced plans to develop 5.4 million square feet (msf) of property in the fiscal year 2023-24, with an estimated sales value of Rs 28 billion. SPL aims to pre-sell 4.8 msf of this space, amounting to approximately Rs 23.3 billion. The company intends to launch a total of 11 projects across Bengaluru, Chennai, and Kolkata, including three stuck assets in Bengaluru, according to SPL's Managing Director, M Murali, in an interview with media.Murali stated, Last year, we provided guidance of presales volume ranging from 4.25 to 4.5 msf in FY22-23, and we achieved 4.02 msf. For the current year, we have set a confident target of 4.8 msf.SPL witnessed a significant increase in its profit after tax (PAT) from Rs 180 million in FY21-22 to Rs 680 million in FY22-23. The company plans to boost its construction expenditure from Rs 5 billion in FY21-22 to Rs 7.53 billion in FY23-24.During this fiscal year, approximately 67 per cent of the projects will be developed in collaboration with other developers or landowners.The first two project launches will occur in Bengaluru during the first quarter. Bengaluru accounted for around 62 per cent of SPL's launches last year, while Chennai and Kolkata accounted for 22 per cent and 16 per cent, respectively.Four projects with a development potential of 2.9 msf will be launched in Chennai, while six projects with a development potential of 1.6 msf will be launched in Bengaluru. Additionally, one project is planned for launch in Kolkata.SPL will explore opportunities in the northern, southern, and eastern parts of Bengaluru, whereas in Chennai, the new launches will be concentrated in the southern, south-eastern, and western areas of the city. In Kolkata, SPL's focus will be on Uttarpara, located to the north of the city.Murali mentioned, The average rate will be about Rs 6,000 per square foot for 1,200-1,300 sq ft apartments. Approximately 57 per cent of the launches will be in the mid-market segment, 21 per cent in plotted development, 8 per cent in the luxury segment, and the remaining in the affordable range.The company also plans to enter the residential real estate market in Pune by the end of this financial year.In Bengaluru, construction is currently underway for a villament project in Sarjapura. With a development potential of 600,000 square feet, phase 1 of the project is expected to be completed by March 2024. Each unit in the project will be priced at Rs 1.6-1.7 crore.

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?