Shriram Properties Signs JDA for Prime Yelahanka Project

On May 21, 2024, Shriram Properties Limited (SPL) informed the exchanges that it had signed a Joint Development Agreement (JDA) to develop a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru.

The proposed project will comprise 270 apartments, totalling approximately 3.8 lakh square feet of saleable area. With an aggregate revenue potential exceeding ₹250 crores, the project is slated for development over the next three years. The company aims to launch the project in the first half of the current financial year (H1- FY25).

This initiative aligns with Shriram Properties’ vision of creating outstanding residential communities in emerging micro markets. SPL aims to create a landmark residential project to redefine living standards. The new project ensures easy access to Yelahanka and Bangalore International Airport, along with proximity to renowned schools, healthcare facilities, and diverse retail options. Situated in a neighbourhood representing a seamless blend of convenience and luxury, it promises an exceptional living experience.

This project will bolster the company’s overall pipeline and support maintaining growth momentum. The company has a strong pipeline of 47 projects with 51 million square feet of saleable area, including 25 ongoing projects with an aggregate saleable area of 23.5 million square feet as of March 31, 2024. Nearly 75% of the ongoing projects are already sold, and the company has no inventory of completed projects/phases. SPL has displayed a track record of having delivered 44 projects with a saleable area of 24.3 million square feet over the years.

Speaking on the development, the CMD of SPL said, “This investment is in alignment with our goal of increasing our footprint within the city and also highlights our asset-light approach to accelerate growth. Owing to its proximity to the Airport, Yelahanka has emerged as a vital micro-market, witnessing significant demand over the last five years. Our foremost priority remains delivering top-notch quality swiftly, ensuring utmost satisfaction for our customers.”

On May 21, 2024, the share price of Shriram Properties Limited opened at ₹118.90, touching the day’s high at ₹121.50, as of 10:37 AM on the NSE.

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