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Shriram Properties surges on signing JDA for prime 4-acre land parcel near Yelahanka

21 May 2024 Evaluate

Shriram Properties is currently trading at Rs. 120.65, up by 2.45 points or 2.07% from its previous closing of Rs. 118.20 on the BSE.

The scrip opened at Rs. 120.30 and has touched a high and low of Rs. 121.30 and Rs. 117.05 respectively. So far 109306 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 140.95 on 06-Feb-2024 and a 52 week low of Rs. 63.00 on 06-Jul-2023.

Last one week high and low of the scrip stood at Rs. 121.60 and Rs. 107.50 respectively. The current market cap of the company is Rs. 2006.44 crore.

The promoters holding in the company stood at 27.94%, while Institutions and Non-Institutions held 3.99% and 68.06% respectively.

Shriram Properties (SPL) has 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 proposed project will comprise of 270 apartments with an aggregate saleable area of around 3.8 lakh Sqft. 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 (H1- FY25).

This initiative is in line with SPL’s vision of developing exceptional residential communities in the upcoming micro markets. SPL envisions crafting a landmark residential project, with the objective of redefining living experiences. The new project promises effortless access to Yelahanka and the Bangalore International Airport. It is also in close proximity to prestigious schools, healthcare facilities, and a range of exciting retail experiences, in a neighborhood that symbolizes a harmonious blend of convenience and luxury.

This project will strengthen the Company’s overall pipeline and support in sustaining growth momentum. 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 thousand square feet as of March 31, 2024. Nearly 75% of ongoing projects are already sold and the Company has no inventory in completed projects/phases. SPL has demonstrated a track record of having delivered 44 projects with a saleable area of 24.3 thousand square feet over the years.

Shriram Properties is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories.

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