Shriram Properties to invest in ongoing projects

20 Jun 2023 CW Team

Shriram Properties will invest around Rs 750 crore this fiscal on construction of its ongoing and new residential projects as it looks to scale up business amid strong housing demand, its CMD M Murali said. Bengaluru-based Shriram Properties had spent Rs 500 crore in the last financial year on construction works.

Shriram Properties chairman and managing director M Murali highlighted that the company achieved a 25% growth in sales bookings to touch an all-time high of Rs 1,846 crore last fiscal, on higher volumes and better price realisation. Asked about the target of sales bookings for this fiscal, Murali said, “We are looking at about 20% growth in volume terms and 25% growth in value.”

Sales volumes stood at 4.02 million square feet in the last fiscal, which is a new record, as against 3.8 million square feet in 2021-22. The average annual sales realisation grew 8% annually during the last financial year.

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