SPLNxT: Shriram Properties' Mission to Revolutionize Mid-Market Real Estate
Shriram Properties, a leading real estate developer in southern India, has unveiled a brand transformation initiative, SPLNxT, to tap into the growing mid-market and mid-premium segments in Bengaluru, Chennai, Kolkata, and Pune.
Real EstateMidmarketMidpremiumShriram PropertiesSplnxtReal Estate NewsSep 04, 2024
The mid-market segments have expanded in recent years, accounting for 59% of housing demand in India in 2023, as against 49% in the pre-Covid-19 period. In Shriram Properties' core markets of Bengaluru and Chennai, the mid-segments accounted for 75% of demand in 2023, against the pre-Covid-19 periods of 60% and 52%, respectively. In Kolkata, demand stood at 64% as opposed to the previous 48%.
In an interview, Murali Malayappan, Chairman and Managing Director of Shriram Properties, shared his insights on the mid-segment housing market and the company's plans to double its sales and triple its revenue over the next three years through SPLNxT.
The real estate sector in India identifies 10 major markets, which account for 80% of demand in real estate. Shriram Properties has chosen to focus on Bengaluru, Chennai, Coimbatore, Visakhapatnam, and Kolkata, as these locations provide maximum geographical opportunities. The company has delivered 18,000 units so far and has had four times growth between 2017 and now.
SPLNxT may focus on a small percentage of luxury properties subject to client need, but the demand in mid and mid-premium segments is set to grow. The company is also open to expanding into assisted living/retirement homes, as customer demands around senior living and co-living are expected to rise significantly.
Shriram Properties' customers stand to gain from investing in properties developed by the firm, as the company has a proven track record of providing not only quality properties but also a solid foundation of commitment to their wellbeing and safety.
Innovation and sustainability are a part of Shriram Properties' brand motto. The company has completed over 10 green projects, and most of its projects have received green certification. Shriram Properties is committed to developing sustainable assets for the future, addressing challenges of water shortage and energy efficiency.
The company has also harnessed technology to create impact in real estate, using AI bots for online property searches and planning to get pitches to text. The Shriram Parivar App and Shriram Synergy have been launched to enhance customer experience, and the company will explore the scope for automation to benefit its customers.
Information
Shriram Properties is a leading real estate developer in southern India, with a presence in Bengaluru, Chennai, Coimbatore, Visakhapatnam, and Kolkata. The company has delivered 18,000 units so far and has had four times growth between 2017 and now.Shriram Properties is a renowned real estate developer in southern India, committed to developing sustainable assets and fostering communities.
Frequently Asked Questions
What is SPLNxT?
SPLNxT is Shriram Properties' brand transformation initiative, aimed at enhancing customer satisfaction and tapping into the growing mid-market and mid-premium segments.
What are the locations that Shriram Properties has chosen to focus on?
Bengaluru, Chennai, Coimbatore, Visakhapatnam, and Kolkata.
What is the demand for mid-market and mid-premium segments in India?
The demand in mid-market and mid-premium segments has grown by 80% in India.
Does Shriram Properties plan to expand into assisted living/retirement homes?
Yes, the company is open to expanding into assisted living/retirement homes, as customer demands around senior living and co-living are expected to rise significantly.
What are the sustainable initiatives that Shriram Properties has undertaken?
The company has completed over 10 green projects, and most of its projects have received green certification. Shriram Properties is committed to developing sustainable assets for the future, addressing challenges of water shortage and energy efficiency.
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