May 3, 2024: Real estate developer Shriram Properties today announced the acquisition of a prime 4-acre land parcel located in the micro-market of Chandapura, close to Electronic City in Bangalore. The developer envisions crafting a landmark residential project on this land parcel, encompassing around 4 lakh square foot (sqft) of aggregate saleable area, comprising approximately 350 apartments.
This project has revenue potential of over Rs 250 crore and is expected to be developed over the next three years. The company is targeting to launch the project during the current financial year (FY25). The project enjoys easy access to tech parks and corporate hubs, alongside prestigious schools, healthcare facilities and diverse retail experiences. The neighbourhood features several residential enclaves, shopping centres, educational hubs and an abundance of entertainment options.
Murali Malayappan, chairman and managing director, Shriram Properties, said, “This strategic investment aligns perfectly with our goal of bolstering our presence in Bangalore, 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.”
Shriram Properties has a strong pipeline of 47 projects with 51 million square foot (msf) of saleable area, including 25 ongoing projects with aggregate saleable area of 23.5 msf as of March 31, 2024. Nearly 75% of ongoing projects are sold already and there is no material inventory in completed projects/phases. The developer has demonstrated a track record of having delivered 44 projects with a saleable area of 24.3 msf over the years.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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