SPL secures 4-acre land parcel in Bengaluru

Shriram Properties (SPL) has recently acquired a prime 4-acre land parcel situated in the sought-after micro market of Chandapura, near Electronic City in Bengaluru. This acquisition aligns with SPL’s vision to create exceptional residential communities in promising micro markets, aiming to redefine living experiences. SPL aims to develop a landmark residential project on this land parcel, spanning approximately 4 lakh sq-ft of total saleable area, featuring around 350 meticulously crafted apartments. With a revenue potential exceeding Rs 250 crores, this project is slated for development over the next three years, with the company aiming to launch it during the current financial year (FY25).

Nestled within vibrant surroundings, this project promises effortless access to tech parks and corporate hubs, alongside a strong social fabric boasting prestigious schools, healthcare facilities, and diverse retail experiences. Embraced by upscale residential enclaves, dynamic shopping centres, renowned educational hubs, and an abundance of entertainment options, the neighborhood epitomizes a harmonious blend of convenience and luxury.

SPL has a strong pipeline of 47 projects with 51 msf of saleable area, including 25 ongoing projects with aggregate saleable area of 23.5 msf as of Mar 31, 2024. Nearly 75 % of ongoing projects are sold already and there is no material inventory in completed projects/phases. SPL has demonstrated a track record of having delivered 44 projects with a saleable area of 24.3 msf over the years.

Commenting on the development, Murali Malayappan, CMD, SPL said, “This strategic investment aligns perfectly with our goal of bolstering our presence in Bengaluru, one of our core markets. Chandapura emerges as a vital micro-market with an anticipated surge in demand from the mid-market segment in the foreseeable future. Traditionally, the IT and ITeS sectors have been instrumental in propelling demand within the real estate sphere, a trend we anticipate will persist. Our foremost priority remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers.”

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