Shriram Properties Signs JDA for 4-Acre Land Development in Bengaluru
Real estate developer Shriram Properties Limited (SPL) has signed a Joint Development Agreement (JDA) for a 4-acre land near Yelahanka in North Bengaluru. The planned development will feature 270 high-quality apartments, spanning a total saleable area of approximately 3.8 lakh square feet. This project is projected to generate a revenue potential of over ₹250 crore, marking a substantial addition to the company's portfolio. Scheduled to commence within the first half of FY25, the development is expected to reach completion within three years, aligning with Shriram Properties' reputation for timely and efficient project delivery.
The chosen location offers a multitude of advantages. Yelahanka is strategically positioned with easy access to Bangalore International Airport, making it an attractive destination for professionals and frequent travelers. Additionally, the area is well-served by a range of essential amenities including schools, healthcare facilities, and retail outlets, enhancing the overall appeal for potential residents. This comprehensive accessibility underscores Yelahanka's emergence as a crucial micro-market, which has experienced significant demand growth over the past five years.
Murali Malayappan, Chairman and Managing Director of Shriram Properties, emphasized the strategic importance of this investment. "This investment aligns with our goal of increasing our footprint within the city and highlights our asset-light approach to accelerate growth. The proximity to the Airport has made Yelahanka a crucial micro-market, witnessing significant demand. Our foremost priority remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers," he stated.
This development is a part of Shriram Properties' broader strategy to enhance its project pipeline, which currently includes 47 projects with a combined saleable area of 51 million square feet. The company's approach is characterized by an asset-light model, focusing on partnerships and joint ventures that allow for rapid and scalable growth without the need for heavy capital investment.
Shriram Properties has a long-standing reputation for delivering high-quality residential projects that cater to various segments of the market. The new venture in Yelahanka is expected to attract a diverse group of buyers, including young professionals, families, and investors looking for properties with strong growth potential.
Furthermore, the development reflects broader trends in Bengaluru’s real estate market, where there is a consistent demand for well-located, high-quality residential spaces. The city's expanding infrastructure, coupled with its status as a major tech and business hub, continues to drive the real estate sector's growth.
By investing in strategic locations like Yelahanka, Shriram Properties is not only enhancing its portfolio but also contributing to the urban development of Bengaluru. This project signifies a step forward in the company's mission to provide superior housing solutions while ensuring customer satisfaction and maintaining a robust growth trajectory.
