Shriram Properties launches housing project in Chennai with a revenue potential of around ₹600 crore
Located in Thirumazhisai locality of Chennai, the project will comprise two- and three-bedroom housing units spanning a total saleable area of 1.1 mn sq ft
Listed real estate developer Shriram Properties Ltd has launched a housing project in Chennai with a total saleable area of 1.1 million square feet and a revenue potential of around ₹550-600 crore, the company said in a statement on September 25.
The project - Codename Pudhiya Chennai - will comprise two- and three-bedroom units, located in Thirumazhisai suburb of the city.
“This micro market is a perfect combination of connectivity and lifestyle, making it an attractive choice for customers. With its strategic proximity to major transport hubs and expanding infrastructure, we are confident that this project will deliver long-term value and strong appreciation, ensuring our customers a highly rewarding investment,” said Vivek Venkateswar, Chief Sales and Marketing Officer, Shriram Properties Ltd.
The project is a part of a joint development agreement, the company said, without disclosing the name of the joint venture partner.
Business performance
The Bengaluru-headquartered real estate player earlier this year announced that it is looking to double its sales to ₹5,000 crore, triple revenue to ₹3,000 crore and quadruple profits to more than ₹250 crore in the next three years.
During the 2023-24 fiscal year, Shriram Properties clocked a net profit of ₹75 crore, while the company's total income came in at ₹987.35 crore. Sales value during the 12-month period touched ₹2,362 crore.
Also Read: Shriram Properties posts modest 5% growth in net profit, touches ₹17.5 crore in Q1 FY25
As the company entered its 25th year of operations this year, Shriram Properties also unveiled a new brand identity - SPLNxT - with enhanced focus on the mid-market and mid-premium segments. Going forward, over 90% of the brand’s portfolio (from 67% earlier) will comprise mid-market and mid-premium projects.
Since inception, Shriram Properties has expanded its presence to five cities, delivering about 44 projects spanning 24.4 million square feet. Presently, Shriram Properties has a pipeline of over 40 projects with a development potential of around 42 million square feet.
Also Read: RMZ Corp, CPP Investments sell office asset in Chennai to Keppel for $264 million
