May 21, 2024: Real estate developer Shriram Properties has signed a Joint Development Agreement (JDA) for development of a 4-acre land parcel nestled in the micro market of Yelahanka, Bangalore. The proposed project will comprise 270 apartments with an aggregate saleable area of 3.8 lakh square foot (sqft). The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next three years. The company is targeting the launch of this project during the first half of the current financial year (H1 FY25).
This initiative is in line with the developer’s vision of developing residential communities in the upcoming micro markets. The new project enjoys easy access to Yelahanka and the Bangalore International Airport. It is also in close proximity to schools, healthcare facilities, and a range of retail experiences.
The company has a 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 Mar 31, 2024. Nearly 75% of ongoing projects are already sold and the company has no inventory in completed projects/phases. Shriram Properties has delivered 44 projects with a saleable area of 24.3 msf over the years.
Murali Malayappan, CMD, Shriram Properties, said, “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.”
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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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