Shriram Properties shares zoom 7% on signing agreement for 6-acre land in Pune

Shares of real estate developers Shriram Properties today zoomed 6.8% to their intraday high of Rs 111.4 on the BSE after signing a joint development agreement for a 6-acres prime land in Pune.

“Shriram Properties Limited (“SPL”), one of the leading residential real estate developers in South India, has signed a Joint Development Agreement for a 6-acres prime land, nestled in the upcoming micro markets of Undri in Pune,” said the company in a filing to the exchanges.

The company intends a mixed-use development, comprising of 650+ apartments and some retail/commercial spaces with an aggregate saleable area of over 1.0 msf, to be developed over the next 4 years.


The project has an aggregate revenue potential of approximately Rs 700-750 crores and is targeted to be launched during H2-FY25.

The company has informed that the project will also come with an option for the development of an additional 8 acres, predominantly retail and commercial for which, the company is in the final stages of securing development rights.

This is expected to be completed shortly.

SPL has decided on an entry into the Pune markets, as it is the second largest residential market that has grown strongly in recent years. Pune is predominantly mid-market focused and benefits from customer demography that is similar to SPL’s core markets of Bangalore and Chennai.

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“This investment is consistent with our asset light strategy for accelerated growth. Pune is a promising market, and we see significant potential for large, established brands like Shriram. Owing to its proximity to IT/ITeS, Undri emerges as a vital micro market witnessing significant demand in recent years. We are looking forward to the project launch during this quarter and remain committed to delivering top-notch quality swiftly and ensuring utmost satisfaction for our customers,” said Murali Malayappan, Chairman & Managing Director of SPL.

Shares of Shriram Properties have increased by 20% in the last one year while declined by 12.7% in the current calendar year.

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