Shriram Properties Limited (SPL) has signed a Joint Development Agreement for a prime 6-acre land parcel in Undri, Pune, with an estimated revenue potential of โน700-750 crores. The mixed-use project, spanning over 1 million square feet, will comprise 650+ apartments and retail/commercial spaces, to be developed over four years.
The project promises effortless access to IT/ITeS spaces, retail, premium educational institutions, and central parts of the city. SPL Chairman & Managing Director, Murali Malayappan, stated, “This investment aligns with our asset-light strategy for accelerated growth. Pune is a promising market, and we see significant potential for large, established brands like Shriram.” The company aims to launch the project in H2-FY25.
SPL’s entry into the Pune market is part of its growth strategy, leveraging the city’s diversified economy and growing infrastructure investments. With a strong pipeline of 42 projects (42 msf saleable area), SPL has already sold nearly 75% of its ongoing projects and maintains ‘zero inventory’ in completed projects. The additional development rights for 8 acres, predominantly retail and commercial, are expected to be secured shortly.