Shriram Properties Targets 25% Sales Growth in FY24
Real Estate

Shriram Properties Targets 25% Sales Growth in FY24

According to Shriram Properties' CMD M Murali, the real estate company is aiming for a 25% increase in sales bookings from a record Rs 1,846 crore last fiscal due to high home demand.

M Murali, the company's chairman and managing director, noted that demand for housing has been strong in all price ranges, enabling it to establish record sales bookings for the 2022–23 fiscal year.

Due to larger volumes, better realisation, and a change in product mix, Shriram Properties recorded an all-time high in sales bookings of Rs 1,846 crore last fiscal, up 25% from Rs 1,482.4 crore the previous year.

Asked about the target of sales bookings for this fiscal, Murali said, "We are looking at about 20 per cent growth in volume terms and 25 per cent growth in value."

Sales volumes of 4.02 million square feet, a new record, were achieved in the most recent fiscal year as opposed to 3.8 million in 2021–2022.

During the most recent fiscal year, the average yearly sales realization increased 8% annually.

To meet the growing demand for housing, the company would start a number of housing projects this fiscal year, he continued. "Market is really good. There has been a very good demand for the mid-income and affordable segment. So, I expect the demand to continue for 3-5 years comfortably due to various factors. Macroeconomic situation is very good and the overall stability in the country is good," Murali said.

He noted that the real estate market is growing in a remarkable pace thanks to a steady expansion across all businesses.

In terms of financial performance, the firm's net profit increased by over four times, reaching Rs 68.2 crore last fiscal year from Rs 18.03 crore the year before.

From Rs 517.8 crore in the fiscal year 2021–2022, total income increased to Rs 813.92 crore in the most recent fiscal.

One of South India's top residential real estate development firms is Bengaluru-based Shriram Properties, which went public on stock exchanges in December 2021. Through its Initial Public Offering (IPO), it had raised about Rs 600 crore.

Shriram Properties' key markets include Bengaluru, Chennai, and Kolkata, which account for almost 85 percent of its development activity.

Shriram Properties has completed 36 projects to date, the most of which have been in Bengaluru and Chennai. It is now working on 26 projects/phases and has another 25 in the works.

See also:
Shriram Properties' net profit dips 75.60%
Shriram Properties Acquires Chennai Project, Eyes Strong Growth


According to Shriram Properties' CMD M Murali, the real estate company is aiming for a 25% increase in sales bookings from a record Rs 1,846 crore last fiscal due to high home demand. M Murali, the company's chairman and managing director, noted that demand for housing has been strong in all price ranges, enabling it to establish record sales bookings for the 2022–23 fiscal year. Due to larger volumes, better realisation, and a change in product mix, Shriram Properties recorded an all-time high in sales bookings of Rs 1,846 crore last fiscal, up 25% from Rs 1,482.4 crore the previous year. Asked about the target of sales bookings for this fiscal, Murali said, We are looking at about 20 per cent growth in volume terms and 25 per cent growth in value. Sales volumes of 4.02 million square feet, a new record, were achieved in the most recent fiscal year as opposed to 3.8 million in 2021–2022. During the most recent fiscal year, the average yearly sales realization increased 8% annually. To meet the growing demand for housing, the company would start a number of housing projects this fiscal year, he continued. Market is really good. There has been a very good demand for the mid-income and affordable segment. So, I expect the demand to continue for 3-5 years comfortably due to various factors. Macroeconomic situation is very good and the overall stability in the country is good, Murali said. He noted that the real estate market is growing in a remarkable pace thanks to a steady expansion across all businesses. In terms of financial performance, the firm's net profit increased by over four times, reaching Rs 68.2 crore last fiscal year from Rs 18.03 crore the year before. From Rs 517.8 crore in the fiscal year 2021–2022, total income increased to Rs 813.92 crore in the most recent fiscal. One of South India's top residential real estate development firms is Bengaluru-based Shriram Properties, which went public on stock exchanges in December 2021. Through its Initial Public Offering (IPO), it had raised about Rs 600 crore. Shriram Properties' key markets include Bengaluru, Chennai, and Kolkata, which account for almost 85 percent of its development activity. Shriram Properties has completed 36 projects to date, the most of which have been in Bengaluru and Chennai. It is now working on 26 projects/phases and has another 25 in the works. See also: Shriram Properties' net profit dips 75.60%Shriram Properties Acquires Chennai Project, Eyes Strong Growth

Next Story
Infrastructure Urban

MoHUA Plans New Role for Smart City SPVs

In a significant policy move, the Ministry of Housing and Urban Affairs (MoHUA) has issued an advisory encouraging the continued use and repurposing of Special Purpose Vehicles (SPVs) formed under the Smart Cities Mission (SCM). This marks a step toward sustaining urban transformation by leveraging institutional capabilities and infrastructure developed over the past decade.Initiated in 2015, the Smart Cities Mission introduced a new era of urban planning in India, with each of the 100 selected cities forming SPVs under the Companies Act, 2013. These entities, jointly owned by state government..

Next Story
Infrastructure Urban

ADB Approves $110 Million Loan to Boost Skills in Gujarat

The Asian Development Bank (ADB) has approved a USD 109.97 million (Rs 9.27 billion) results-based loan to support Gujarat’s efforts to become a global industrial hub by developing a future-ready, skilled workforce.The funding will back the Gujarat skills development programme, led by the Department of Labour, Skill Development and Employment in collaboration with Kaushalya: The Skill University (KSU). The initiative aims to equip the workforce with advanced, industry-aligned skills to meet rising employment demand in high-growth sectors.According to ADB, the programme seeks to strengthen in..

Next Story
Infrastructure Urban

SDAL Tests Rudrastra UAV and Bhargavastra Defence System

Solar Defence and Aerospace Limited (SDAL) has successfully completed a key flight test of its indigenous Hybrid VTOL UAV Rudrastra at the Pokharan Firing Range, aligning with Indian Army performance benchmarks for mission adaptability, high endurance, precision engagement, and vertical take-off and landing (VTOL) capability.The trial marks a notable achievement in India’s Aatmanirbhar Bharat initiative, underscoring advancements in home-grown military technology. The Rudrastra UAV demonstrated a mission radius exceeding 50 km with uninterrupted video relay, a total operational range of over..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?