Shriram Properties sells 3.9-acre land parcel on Chennai’s GST Road

Shriram Properties has sold around 3.9-acre land parcel located on the GST Road in Chennai to a large healthcare and educational group in South India. The company, through its wholly owned subsidiary--SPL Shelters--owned this land parcel, currently with approvals for the development of a retail asset.

The land parcel is strategically located adjacent to a 4-million-sq-ft fully operational office complex and a 2 million sq ft residential complex, has potential for retail and other commercial development. However, given the company’s focus on residential development, Shriram Properties decided to monetize the land through divestment of its equity holding in the wholly owned subsidiary, the company said in a release.

The value unlocking from its non-core land parcel is an integral part of SPL’s guided strategy of staying focused on residential development, with greater emphasis on mid and mid-premium segments and use of monetization proceeds for fuelling growth in the coming years.


“This transaction marks a significant step in the company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs. We believe this move reinforces our commitment to prudent financial management and allows us to focus on accelerating growth in the residential projects across our portfolio,” said Murali M, CMD, Shriram Properties.

Shriram Properties has so far delivered 46 projects with a saleable area of 25 million sq ft and has a development pipeline of 42 projects with an aggregate development potential of 40.2 million sq ft, as of September 30.