Developers in South India, Shriram Properties Limited (“SPL”), has inked a joint development agreement for a 6-acre prime piece of land in Pune’s emerging Undri micromarkets.
Over the following four years, the company plans to create a mixed-use project that will include more than 650 apartments and a few retail and commercial spaces, totaling more than 1.0 million square feet of saleable space. The project might generate between Rs 700 and Rs 750 crores in total revenue. The project is expected to be launched by the company in H2-FY25. In this emerging Pune micromarket, SPL plans to construct a historic residential development. The project guarantees easy access to core city areas, retail establishments, prestigious educational institutions, and IT/ITeS spaces.
An additional 8 acres, primarily for retail and commercial use, may be developed as part of the project. It is anticipated that SPL will soon finish the last steps necessary to obtain development rights to this extra area.
Since Pune is the second-largest residential market and has had rapid growth in recent years, SPL has chosen to enter this sector. Pune’s consumer base is similar to that of SPL’s primary markets in Bangalore and Chennai, making it mostly a mid-market destination. It is bolstered by expanding infrastructure investments and a diverse and thriving economy.
This project acquisition is a crucial component of SPL’s strategy to achieve faster growth over the coming years while maintaining asset lightness. The project will boost future growth momentum and strengthen its already robust project pipeline. As of June 30, 2024, SPL has a solid pipeline of 42 projects totaling 42 msf of saleable space, including 26 ongoing projects totaling 24.3 msf of saleable area. The company has around 75% of its ongoing projects sold, and it has "zero inventory" of finished projects.
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