Shriram Properties zooms on acquiring 4 acre land parcel in Bengaluru
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Shriram Properties is currently trading at Rs. 124.65, up by 3.45 points or 2.85% from its previous closing of Rs. 121.20 on the BSE.
The scrip opened at Rs. 122.00 and has touched a high and low of Rs. 125.90 and Rs. 121.35 respectively. So far 258798 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. 62.54 on 19-May-2023.
Last one week high and low of the scrip stood at Rs. 125.90 and Rs. 118.80 respectively. The current market cap of the company is Rs. 2123.11 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 acquired 4acre land parcel nestled in the coveted micro market of Chandapura, close to Electronic City in Bengaluru. This investment is in line with company's vision of developing exceptional residential communities in promising micro markets with the objective of redefining living experiences. SPL envisions crafting a landmark residential project on this land parcel, encompassing around 4 lakh square feet of aggregate saleable area, comprising approximately 350 meticulously designed apartments. This Project has revenue potential of over Rs 250 crore and is expected to be developed over the next 3 years. The company is targeting to launch the Project during the current financial year (FY25).
Nestled within vibrant surroundings, this project promises effortless access to tech parks and corporate hubs, alongside a strong social fabric boasting prestigious schools, healthcare facilities, and diverse retail experiences. Embraced by upscale residential enclaves, dynamic shopping centres, renowned educational hubs, and an abundance of entertainment options, the neighborhood epitomizes a harmonious blend of convenience and luxury.
SPL has a strong pipeline of 47 projects with 51 thousand square feet 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 sold already and there is no material 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.
