Shriram Properties Limited (SPL), one of the leading real estate developers in South India, has acquired a 4-acre land parcel in Chandapura, close to Electronic City in Bengaluru. SPL plans to develop residential communities in micro markets in the city, and this investment is in line with that strategy. The proposed residential project will cover an area of around 4 lakh sq ft and is expected to comprise about 350 apartments. The project is scheduled to be developed within the next 3 years and is estimated to generate revenue of over Rs 259 crore. SPL aims to launch the project during the current fiscal year.

Murali Malayappan, Chairman & Managing Director of SPL, stated that the strategic investment in Chandapura aligns with their objective of strengthening their presence in Bengaluru, which is one of their primary markets. They anticipate an increase in demand from the mid-market segment in Chandapura, which is a significant micro-market. The IT and ITeS industries have historically driven demand in the real estate sector in Bengaluru, and SPL expects this trend to continue.

As of March 31, 2024, SPL has a pipeline of 47 projects with 51 million sq ft of saleable area. This includes 25 ongoing projects with an aggregate saleable area of 23.5 million sq ft. Approximately 75% of the projects have already been sold.

According to JLL, the first quarter of 2024 witnessed the highest residential sales to date, with a notable 20% increase compared to the same period in 2023. A total of 74,486 units were sold in Q1 2024, marking the second consecutive quarter with sales exceeding 74,000 units. The residential prices in the top seven cities of India have also seen an upward trajectory in Q1 2024, with increases ranging from 3-15% year-on-year. Bengaluru and Delhi NCR experienced the highest price increase of 15%.

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