Shriram Properties share price jumped nearly 3 percent intraday on May 21 after the company signed joint development agreement for a four-acre land parcel in Bengaluru.
At 10:31am, Shriram Properties was quoting at Rs 121.05, up Rs 2.85, or 2.41 percent, on the BSE.
"... signed a Joint Development Agreement (JDA) for development of a prime 4- acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru," the company said in exchange filing.
The proposed project will comprise of 270 apartments with an aggregate saleable area of 3.8 lakh sq ft.
The project has aggregate revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years.
The company is targeting to launch of this project during first half of current financial year (H1FY25).
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The company has a strong pipeline of 47 projects with 51 msf2 of saleable area, including 25 ongoing projects with aggregate saleable area of 23.5 msf as of Mar 31, 2024.
“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 emerges 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,” said Murali Malayappan, CMD, Shriram Properties.
The share touched a 52-week high of Rs 140.95 and a 52-week low of Rs 62.54 on 06 February, 2024 and 19 May, 2023, respectively.
Currently, the stock is trading 14.44 percent below its 52-week high and 92.84 percent above its 52-week low.
The share price jumped more than 90 percent in last one-year.
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