Shares of Shriram Properties soared as much as 7 percent on October 30 after the company inked a joint development agreement to develop a mixed use project in Pune, staring at a revenue potential of about Rs 750 crore.
At 09.56 am, shares of Shriram Properties were trading at Rs 108.99 on the NSE. Aside from gains in today's session, the stock has largely remained under pressure in the near past, shedding close to 15 percent in the last one month.
The company announced the signing of a joint development agreement (JDA) for six acres of prime land located in the emerging micro-markets of Undri, Pune. It further plans to develop over 650 apartments along with some retail and commercial spaces in the land parcel, totaling an aggregate saleable area of more than 1 million sq ft, to be constructed over the next four years.
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"The project holds a revenue potential of Rs 700-750 crore, and we aim to launch it in H2 FY25," the company stated.
"This investment aligns with our asset-light strategy for accelerated growth. Pune presents a promising market, and we recognise significant potential for well-established brands like Shriram," Murali Malayappan, Chairman & Managing Director of Shriram Properties, said in an exchange filing.
As of the end of the June quarter, Shriram Properties boasts a robust pipeline of 42 projects, encompassing 42 million sq ft of saleable area, including 26 ongoing projects with 24.3 million sq ft of saleable area.
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