Shriram Properties Limited signs joint development agreement for a 4-acre land parcel in Bengaluru

The Bengaluru project is expected to have 3.8 lakh sq ft of saleable area with aggregate revenue potential of ₹250 crore

Published on: May 21, 2024, 14:07:14 IST

By HT News Desk

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Bengaluru-based real estate developer Shriram Properties Limited has signed a Joint Development Agreement (JDA) for development of a 4-acre housing project in Yelahanka, Bengaluru, with an estimated revenue potential of ₹250 crore, the company said in a regulatory filing on May 21.

Bengaluru-based real estate developer Shriram Properties Limited has signed a JDA for development of a 4-acre housing project in Yelahanka, Bengaluru (Representational photo)

The proposed project will comprise 270 apartments with an aggregate saleable area of around 3.8 lakh sq ft. The project has aggregate revenue potential of over ₹250 crores and is expected to be developed over the next three years.

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The company is targeting the launch of this project during the first half of the current financial year (H1-FY25).

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The new project promises access to Yelahanka and the Bangalore International Airport. It is also in close proximity to prestigious schools, healthcare facilities, and a range of exciting retail experiences, in a neighborhood that symbolizes a harmonious blend of convenience and luxury, the company said.

The company 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. SPL has delivered 44 projects with a saleable area of 24.3 msf over the years.

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“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 has emerged as a vital micro-market, witnessing significant demand over the last five years,” said Murali Malayappan, CMD, SPL.

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