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Realty firm Shriram Properties Ltd has entered into a joint development agreement with a landowner to build a premium row-houses project on a 7-acre site in North Bengaluru, estimating a gross development value (GDV) of about INR 600 crore. The project is set to launch in the next financial year and is positioned in the Yelahanka area, near an upcoming biodiversity park. The company already has delivered 48 projects with 28.3 million sq ft of saleable area and maintains a pipeline of 39 projects totaling 36 million sq ft of development potential.
Real estate developer Shriram Properties Ltd has partnered with a landowner to undertake development of a housing project in North Bengaluru, the company announced earlier this week. Under the joint development agreement, the developer will build on a 7-acre parcel, estimating a GDV of about INR 600 crore. Advertisement
The project will feature premium row houses and is planned for launch in the coming financial year. According to Akshay Murali, Vice President Business Development at Shriram Properties, Yelahanka's strong infrastructure growth and proximity to the upcoming biodiversity park make the location highly suitable for premium row-house development.
The company highlighted its significant presence in Bengaluru, Chennai, Pune and Kolkata. It stated that to date it has delivered 48 projects with a saleable area of 28.3 million sq ft. Its current development pipeline comprises 39 projects with a combined potential of 36 million sq ft, including 19 million sq ft of ongoing work.
Previously, Shriram Properties had signed an agreement on a roughly 6.5-acre land parcel in North Bengaluru's Yelahanka area with an estimated GDV of about INR 500 crore and a planned saleable area of around 0.6 million sq ft. That earlier move was part of its "asset-light" strategy and reinforcing its focus on growth in high-demand micro-markets in Bengaluru.
The latest transaction reflects the company's continuing strategy to deepen its footprint in Bengaluru's residential real-estate market while managing development risks.
Source PTI
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