Shriram Properties Expands Bengaluru Footprint with Strategic Acquisition in Chandapura

Shriram Properties Ltd (SPL) has recently been making waves with its acquisition of a prime four-acre land parcel situated in the bustling southern IT corridor of Electronic City, Bengaluru. This strategic move marks a significant step forward for SPL as it aims to solidify its presence in one of its core markets. The land parcel, located in Chandapura, is set to be developed into a residential project boasting approximately 350 apartments, covering a total of about 4 lakh square feet of saleable area.

The decision to invest in Chandapura underscores SPL's commitment to strategic expansion and capitalizing on emerging market opportunities. By targeting this burgeoning micro-market within Bengaluru, SPL aims to tap into the growing demand for quality residential properties, particularly from the mid-market segment. With the IT and ITeS sectors continuing to drive demand in the region, SPL is well-positioned to capitalize on this trend and deliver value to both investors and homebuyers alike.

Murali Malayappan, Chairman and Managing Director of SPL, expressed confidence in the project's potential, highlighting the revenue projection of over Rs 250 crore and the expected completion timeline of three years. Malayappan emphasized that the acquisition aligns perfectly with SPL's long-term growth strategy, focusing on expanding its footprint in key markets and delivering sustainable value to stakeholders.

The announcement comes at a time when SPL is already experiencing significant momentum in its project pipeline. With 47 projects in the works and a total saleable area of 51 million square feet, SPL has firmly established itself as a major player in the Indian real estate landscape. As of March 31, 2024, the company has 25 ongoing projects with an aggregate saleable area of 23.5 million square feet, further underscoring its commitment to driving growth and delivering quality developments.

Investors have responded positively to the news, with SPL's stock trading at Rs 122 on the National Stock Exchange, reflecting a 0.83 percent increase despite broader market fluctuations. This upward trajectory reflects investor confidence in SPL's strategic vision and its ability to execute on ambitious projects effectively.

Looking ahead, SPL's foray into Chandapura represents not only a significant business opportunity but also a testament to the company's commitment to innovation and excellence in real estate development. As SPL continues to expand its presence across key markets, stakeholders can expect to see continued growth and value creation in the years to come.