SPL Expands Portfolio with New Mixed-Use Development in Undri, Pune
Shriram Properties Limited (SPL), a leading residential real estate developer, has signed a Joint Development Agreement for a prime land parcel in Undri, Pune. The project will feature a mixed-use development with over 650 residential units and commercial
Real EstateShriram Properties LimitedMixeduse DevelopmentPuneUndriReal Estate PuneNov 06, 2024
The project is projected to generate an aggregate revenue of approximately INR 700-750 crore. SPL has strategically set its launch date for the second half of FY25, aiming to create a landmark residential project in this rapidly growing area of Pune. The new development will offer residents easy access to IT/ITeS hubs, retail centres, premium educational institutions, and central areas of the city, making it an attractive option for both living and business.
In addition to the initial six-acre parcel, SPL has an option to develop an adjacent eight-acre land, primarily for retail and commercial purposes. The company is currently in the final stages of securing the development rights for this additional land and expects to finalize the process soon.
Murali Malayappan, the Chairman and Managing Director of SPL, highlighted that this investment aligns with the company's asset-light strategy, which focuses on accelerated growth. He expressed confidence in launching the project within the current quarter.
SPL's entry into Pune represents a significant strategic move, as Pune is the second-largest residential market in India, experiencing robust growth in recent years. The city's mid-market focus and customer demographics closely align with SPL's core markets in Bangalore and Chennai. Pune's diversified economy and increased infrastructure investments further support this expansion.
This acquisition fits well with SPL's growth strategy of expanding its portfolio while maintaining an asset-light approach. The development will enhance SPL's robust project pipeline and support the company's growth momentum in the coming years. As of June 30, 2024, SPL has 42 projects spanning 42 million square feet of saleable area, with 26 ongoing projects totaling 24.3 million square feet. Nearly 75% of these ongoing projects are already sold, and the company maintains 'zero inventory' in completed projects.
In summary, this strategic move into Pune marks a significant step for SPL, bolstering its portfolio in one of India's fastest-growing residential markets. With a focus on an asset-light strategy, SPL aims to accelerate growth while maintaining a robust project pipeline. The new development is poised to meet the growing demand for quality living spaces and contribute positively to Pune's evolving real estate landscape.
Frequently Asked Questions
What is the size of the land parcel for the new mixed-use development in Undri, Pune?
The land parcel for the new mixed-use development in Undri, Pune, is six acres.
How many residential units will the new project feature?
The new project will feature over 650 residential units.
What is the expected total saleable area of the development?
The total saleable area of the development is expected to exceed one million square feet.
When is the project expected to launch?
The project is expected to launch in the second half of FY25.
What is SPL's strategic focus in terms of growth?
SPL's strategic focus is on an asset-light approach to accelerate growth while maintaining a robust project pipeline.
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