Shriram Properties shares rise 3% on new Bengaluru residential project announcement

Shriram Properties said, in an exchange filing, that it has inked a joint development agreement (JDA) to develop a 4-acre land parcel in Yelahanka, Bengaluru, for a residential project.

The project would include 270 apartments amounting to around 3.8 lakh square feet of saleable space. The project is expected to have a revenue potential of more than ₹250-crore and will be developed over the next three years. The company aims to launch the project in the first half of the current financial year (H1-FY25).

According to Shriram Properties, the project will enhance access to Yelahanka and the Bengaluru airport. Murali Malayappan, CMD of Shriram Properties, said, “Owing to its proximity to the airport, Yelahanka emerged as a vital micro-market, witnessing significant demand over the last five years.”

Following the announcement, Shriram Properties share gained as much as 3.34% to hit an intraday high of ₹122 apiece on the NSE. However, the realty stock pared some early gains to close 0.8% higher at ₹119 apiece on the NSE.

Shriram Properties Limited primarily focuses on the mid-market and affordable housing sectors, with Bengaluru, Chennai and Kolkata being its key markets. These three cities collectively drive nearly 85% of the company’s development activities.

Presently, Shriram Properties has 47 projects in the pipeline, which includes a total saleable area of 51 million square feet (msf). The company has so far delivered 44 projects, covering a saleable area of 24.3 million sqft.

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