SPL Strengthens Real Estate Footprint: Announces Landmark Mixed-Use Project in Pune

Shriram Properties Limited (SPL), a prominent name in South Indian residential real estate, has forayed into Pune with a significant Joint Development Agreement (JDA). The agreement involves a prime six-acre land parcel in Undri, Pune, a fast-growing micro-market, to develop a mixed-use project comprising over 650 residential apartments and retail/commercial spaces.

A High-Potential Mixed-Use Development

With a saleable area of over one million square feet, the project holds an estimated revenue potential of INR 700-750 crore. Targeting a launch in the second half of FY25, the development promises premium residential offerings complemented by retail and commercial spaces. Its location offers excellent connectivity to IT hubs, retail centers, and educational institutions, enhancing its appeal.

Expansion Plans for Adjacent Land

SPL is also finalizing rights to develop an additional eight-acre parcel, mainly for retail and commercial purposes. This extension further strengthens SPL's vision to establish a robust presence in Pune, aligning with its asset-light strategy and market-centric approach.

Pune: A Strategic Growth Market for SPL

The decision to enter Pune marks a pivotal moment for SPL. As India's second-largest residential market, Pune offers vast opportunities due to its diverse economy, growing infrastructure investments, and strong demand for mid-market housing. This aligns seamlessly with SPL’s established markets in Bangalore and Chennai.

Current Project Pipeline and Asset-Light Strategy

SPL's existing portfolio includes 42 projects with a saleable area of 42 million square feet. Of these, 26 projects, spanning 24.3 million square feet, are ongoing. With a 75% pre-sold rate and zero inventory in completed projects, SPL continues to thrive with an asset-light model focused on strategic growth.

Chairman’s Vision and Market Impact

Murali Malayappan, Chairman and Managing Director of SPL, emphasized the alignment of this project with the company’s accelerated growth plans. He expressed confidence in the launch timeline and its positive impact on SPL's growth trajectory while catering to Pune's dynamic real estate market.

Highlights

• New Development: SPL announces a mixed-use project in Undri, Pune, spread across six acres.
• Revenue Potential: Estimated at INR 700-750 crore, with over one million square feet of saleable area.
• Strategic Location: Proximity to IT hubs, retail centers, and premium educational institutions in Pune.
• Expansion Plans: Additional eight-acre parcel to be developed primarily for retail and commercial use.
• Asset-Light Model: Reinforces SPL’s growth strategy, with a strong focus on market alignment.
• Robust Portfolio: 42 projects, including 26 ongoing, with zero inventory in completed ventures.
• Pune Market Impact: Marks a significant milestone, leveraging Pune’s growing residential demand.

Source: Link...