Shares of Shriram Properties surged by 7% on October 30 after the company signed a joint development agreement (JDA) to create a mixed-use project in Pune, projecting potential revenue of around Rs 750 crore. By 09:56 am, the stock was trading at Rs 108.99 on the NSE, rebounding after a recent decline of nearly 15% over the past month.
The agreement covers six acres of prime land in Undri, Pune, a fast-growing area. Shriram Properties plans to construct over 650 residential units, alongside retail and commercial spaces, resulting in a total saleable area of more than 1 million square feet, expected to be developed over four years.
The project, with a revenue potential of around Rs 700-750 crore, would be launched in the latter half of FY25. “This is in line with our asset-light growth strategy and also represents a significant market opportunity in Pune which today established brands like Shriram can profitably leverage,” Murali Malayappan, Chairperson & Managing Director of Shriram Properties, said in a regulatory filing.
As of the June quarter, Shriram Properties maintains a robust development pipeline, with 42 projects representing 42 million sq ft of saleable area. This includes 26 ongoing projects, totaling 24.3 million sq ft of saleable area.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
