Shriram Properties jumps on signing JDA for 6-acre land parcel in Pune
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Shriram Properties is currently trading at Rs. 108.55, up by 4.30 points or 4.12% from its previous closing of Rs. 104.25 on the BSE.
The scrip opened at Rs. 108.00 and has touched a high and low of Rs. 111.40 and Rs. 107.00 respectively. So far 79223 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 147.50 on 05-Sep-2024 and a 52 week low of Rs. 89.51 on 31-Oct-2023.
Last one week high and low of the scrip stood at Rs. 111.90 and Rs. 98.10 respectively. The current market cap of the company is Rs. 1840.66 crore.
The promoters holding in the company stood at 27.94%, while Institutions and Non-Institutions held 4.28% and 67.79% respectively.
Shriram Properties (SPL) has signed a Joint Development Agreement (JDA) for a 6-acres prime land, nestled in the upcoming micro markets of Undri in Pune. The company is embarking on mixed-use development, comprising of 650 plus apartments and some retail/commercial spaces with an aggregate saleable area of over 1.0 msf, to be developed over the next 4 years.
The project has aggregate revenue potential of approximate Rs 700 crore - Rs 750 crore. The company is targeting to launch this project during H2-FY25. SPL envisions crafting a landmark residential project in this upcoming micro market of Pune. The project promises effortless access to IT/ITeS spaces, retail, premium educational institutions, and central parts of the city.
The Project also comes with option for development of an additional 8 acres, predominantly retail and commercial. SPL is in the final stages of securing development rights to this additional land, expected to be completed shortly. This project acquisition is integral part of SPL’s pursuit of accelerated growth, whilst remaining asset light, over the next few years. The project will further fortify its strong project pipeline and support growth momentum going forward.
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.
