Shares of Shriram Properties Ltd. surged 3%, reaching a day’s high of Rs 134 on 25th September, after the company announced the launch of a new project in Chennai.

The company has launched a new apartment project called ‘Codename Pudhiya Chennai,’ located in the Thirumazhisai neighbourhood of Chennai.

The project offers a total saleable area of 1.1 million square feet, with a revenue potential of approximately Rs 550-600 crore.

It is situated in the West Chennai corridor, a rapidly growing area, and has received approval from the Real Estate Regulatory Authority (RERA).

Vivek Venkateswar, Chief Sales & Marketing Officer of Shriram Properties, stated that the company has a strong understanding of Chennai’s market and is confident that the project will provide long-term value and appreciation for customers.

The ‘Codename Pudhiya Chennai’ project offers two- and three-bedroom apartment units.

The apartments are designed to optimise space, featuring modern aesthetics with premium finishes, good ventilation, and Vastu compliance, according to Shriram Properties.
The company’s Chairman and MD, Murali Malayappan, announced in August that the company plans to add 20 million square feet to its existing inventory of 42 million square feet over the next six years.

So far in 2024, the stock has surged by almost 6.5%. The company’s market capitalisation stands around Rs 2,258 crore.

At 3:30 PM, the shares of Shriram Properties closed 1.44% higher at Rs 132.10 on NSE.

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