Shriram Properties Limited (SPL), a prominent real estate developer focusing on mid-market and mid-premium residential segments, has announced a significant development milestone by signing a Joint Development Agreement (JDA) for approximately 6.5 acres of prime land in North Bengaluru. This strategic move paves the way for the launch of a premium residential apartment project with an estimated Gross Development Value (GDV) of Rs 500 crore, set to enrich Bengaluru’s burgeoning skyline and offer a unique blend of luxury living amidst natural surroundings.
Key Highlights of the Announcement
Acquisition & Agreement: SPL has secured the JDA for 6.5 acres of land situated in the rapidly developing residential hub of Yelahanka in North Bengaluru.
Project Scope: Development of a premium residential apartment complex with approximately 0.6 million square feet of saleable area.
Estimated GDV: The project is valued at Rs 500 crore, reflecting its substantial market potential.
Strategic Location: The site overlooks the upcoming Madapanahalli Biodiversity Park, a 154-acre ecological attraction featuring eucalyptus plantations, a medicinal garden, aviary, zoo, and tree park.
Project Timeline: The launch is planned for the next fiscal year, adding momentum to SPL’s expansion and project pipeline.
Business Strategy: This development aligns with Shriram Properties' asset-light growth strategy, reinforcing its strong presence in Bengaluru’s real estate market.
Project Details and Significance
The upcoming project is designed as a premium residential housing complex situated in the vicinity of the Madapanahalli Biodiversity Park. This ecological park enhances the project's appeal by offering future residents a harmonious living environment that integrates urban convenience with natural beauty. The inclusion of diverse green elements like a zoo, aviary, and medicinal gardens within the park is expected to greatly enrich the lifestyle quotient for homeowners.
With a saleable area nearing 600,000 square feet, the project represents a significant addition to the mid-premium housing segment in North Bengaluru, targeting buyers who seek a high-quality living experience in a green-centric neighborhood. The company’s Vice President of Business Development, Akshay Murali, highlighted the unique opportunity the location presents—luxurious residences framed by ecological harmony within a thriving residential ecosystem.
Strategic Implications for Shriram Properties
This newly signed JDA marks a critical phase in Shriram Properties’ ambitious growth strategy. By expanding their project portfolio with this landmark development, SPL is reinforcing its commitment to sustainable urban growth and meeting the rising demand for premium residential properties in prime locations. As part of its broader asset-light approach, the company emphasizes scalable projects that optimize land use while delivering value.
Shriram Properties currently operates across key Indian cities including Bengaluru, Chennai, Pune, and Kolkata, with a strong portfolio comprising 39 projects under development spanning over 36 million square feet. This latest venture further consolidates their foothold in Bengaluru, a top real estate market in India, where they have successfully launched multiple projects catering largely to mid-market and mid-premium customers.
More About Shriram Properties and Market Position
Shriram Properties Limited is recognized for its focus on mid-market and mid-premium residential projects, bringing a blend of lifestyle-centric design and strategic location choices to Bangalore and other major cities. With 48 projects delivered and a track record of 28.3 million square feet of developed area, mostly in Bengaluru and Chennai, the company aims to scale further with enhanced sales and revenue targets over the coming years.
This strategic land acquisition and JDA for the North Bengaluru project reinforce the company’s vision to blend ecological considerations with urban development, catering to discerning buyers looking for modern amenities amidst natural surroundings. The project also aligns with SPL's growth ambitions targeting increased profitability and a robust pipeline of attractive developments.
Conclusion
Shriram Properties' signing of the Joint Development Agreement for 6.5 acres of prime land in North Bengaluru stands as a major development in the company’s growth story. The Rs 500 crore GDV project, set in the promising Yelahanka region overlooking a large biodiversity park, showcases their commitment to sustainable and premium housing solutions. Scheduled for launch in the next fiscal year, this project is positioned to become a landmark offering, reflecting SPL’s strategic ambitions in one of India’s fastest-growing real estate markets.
Source: Moneycontrol, ScanX Trade, Business Upturn, Market Screener
