Bengaluru-based real estate developer Shriram Properties Limited has entered into a Joint Development Agreement (JDA) for the development of a 4-acre housing project in Yelahanka, Bengaluru. The project holds an estimated revenue potential of ₹250 crore, as per a regulatory filing made by the company on May 21st.
The proposed project will consist of 270 apartments with an aggregate saleable area of approximately 3.8 lakh sq ft. With an anticipated development period of three years, the project is expected to be launched within the first half of the current financial year (H1-FY25).
This new project offers convenient access to Yelahanka and the Bangalore International Airport. It is strategically located near prestigious schools, healthcare facilities, and a range of retail experiences, creating a neighborhood that seamlessly blends convenience and luxury, as highlighted by the company.
Shriram Properties Limited maintains a robust pipeline of 47 projects with a saleable area of 51 msf, including 25 ongoing projects with an aggregate saleable area of 23.5 msf as of March 31st, 2024. The company has successfully delivered 44 projects with a saleable area of 24.3 msf over the years.
Commenting on the investment, Murali Malayappan, CMD, SPL, stated that it aligns with the company’s objective of expanding its presence within the city while emphasizing its asset-light approach to fostering growth. Yelahanka’s proximity to the airport has transformed it into a crucial micro-market, experiencing significant demand over the last five years.
This investment underscores Shriram Properties Limited’s commitment to developing high-quality residential projects in strategic locations within Bengaluru. The company’s focus on creating sustainable and customer-centric living spaces is evident in its track record and project pipeline.
