Shriram Properties Limited (SPL), one of the leading residential real estate developers in South India, has signed a Joint Development Agreement (JDA) for a six-acre prime land parcel located in the emerging micro-market of Undri in Pune.
The company is planning a mixed-use development consisting of over 650 apartments and retail/commercial spaces, with an aggregate saleable area exceeding one million square feet (MSF). This project, to be developed over the next four years, has an estimated revenue potential of approximately ₹700 - ₹750 crore. SPL is targeting to launch this project in the second half of FY25. The company envisions creating a landmark residential development in this growing micro-market, offering convenient access to IT/ITeS hubs, retail centres, premium educational institutions and key parts of the city.
Additionally, the project includes an option to develop an additional eight acres, predominantly for retail and commercial purposes. SPL is in the final stages of securing development rights for this land, with completion expected shortly.
SPL has strategically entered the Pune market, recognising it as the second-largest residential market in India, which has seen strong growth in recent years. Pune’s mid-market focus aligns with SPL’s core markets in Bengaluru and Chennai, benefiting from similar customer demographics, diverse economic activity and increasing infrastructure investments.
This project acquisition is part of SPL’s strategy for accelerated growth while remaining asset-light in the coming years. It will strengthen the company’s project pipeline and support its growth momentum. As of June 30, SPL has a robust pipeline of 42 projects, with 42 MSF of saleable area, including 26 ongoing projects with 24.3 MSF of saleable area. Nearly 75% of the ongoing projects have already been sold, and the company holds zero inventory in completed projects.
Commenting on the development, Murali Malayappan, Chairman & Managing Director of SPL, said, “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. Owing to its proximity to IT/ITeS hubs, Undri has emerged as a key micro-market experiencing significant demand in recent years. We look forward to launching the project this quarter and are committed to delivering top-quality projects swiftly while ensuring the highest level of customer satisfaction.”
