Shriram Properties (SPL) has signed a joint development agreement for a six-acres land in Undri, Pune.
The land parcel will be used for mixed-use development, comprising of over 650 apartments and some retail/commercial spaces with an aggregate saleable area of over one million sq ft, to be developed over the
next four years.
Murali Malayappan, chairman & managing director of the company said, “This investment is consistent with our asset light strategy for accelerated growth. We are looking forward to the project launch during this quarter.”
The project has aggregate revenue potential of approximately Rs 700-750 crore. The company is targeting to launch this project during H2 FY25.It comes with option for development of an additional eight acres, predominantly retail and commercial. SPL is in the final stages of securing development rights to this additional land, expected to be completed shortly.
