Shriram Properties announces new residential development in Bengaluru’s Yelahanka

Shriram Properties Limited (SPL), a prominent residential real estate developer in South India, has signed a Joint Development Agreement (JDA) to develop a prime 4-acre land parcel in the coveted micro-market of Yelahanka, Bengaluru. The proposed project is set to include 270 apartments, encompassing an aggregate saleable area of approximately 3.8 lakh square feet.

Project Details and Financial Outlook

The project boasts an aggregate revenue potential of over ₹250 crores and is expected to be developed within the next three years. SPL plans to launch this new residential project during the first half of the current financial year (H1-FY25). This development aligns with SPL’s strategic vision to expand its portfolio in emerging micro-markets and enhance living experiences for its residents.

Strategic Location and Amenities

Located strategically close to Bangalore International Airport, the new development promises easy access to significant city landmarks, including prestigious schools, healthcare facilities, and vibrant retail experiences. The Yelahanka area is known for its convenience and luxury, making it an increasingly desirable location for new residential projects.

Company Growth and Market Position

This new project is a part of SPL’s robust pipeline of 47 projects, which includes 25 ongoing projects with an aggregate saleable area of 23.5 million square feet as of March 31, 2024. Remarkably, nearly 75% of these ongoing projects are already sold, and the company reports no inventory in completed projects or phases. Over the years, SPL has successfully delivered 44 projects, totaling 24.3 million square feet in saleable area.

Management’s Perspective

Murali Malayappan, Chairman and Managing Director of SPL, commented on the development, stating, “This investment is in alignment with our goal of increasing our footprint within the city and also highlights our asset-light approach to accelerate growth. Owing to its proximity to the Airport, Yelahanka emerges as a vital micro-market, witnessing significant demand over the last five years. Our foremost priority remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers.”

Future Prospects and Commitments

SPL’s commitment to quality and rapid development is expected to strengthen its market presence and sustain its growth momentum in the competitive real estate sector of Bengaluru. The new project not only enhances SPL’s portfolio but also promises to deliver an exceptional living experience to its future residents.