Share of Shriram Properties Ltd rallied 6% on 30 October after the company announced signing a joint development agreement to develop a mixed-use project in Pune that has a revenue potential of around Rs 750 crore. 

In its regulatory filing, the company announced signing a joint development agreement (JDA) for a six-acre land parcel situated in the emerging micro-markets of Undri Pune. The company plans to construct over 650 apartments along with some retail and commercial spaces in the land parcel that has an overall saleable area of more than 1 million square feet, which will be constructed over the next four years. 

The filing added, “The project holds a revenue potential of Rs 700-750 crore, and we aim to launch it in H2 FY25.”

Murali Malayappan, Chairman & Managing Director of Shriram Properties, said in an exchange filing, “This investment aligns with our asset-light strategy for accelerated growth. Pune presents a promising market, and we recognise significant potential for well-established brands like Shriram.”

At the  end of the July-September quarter, the company boasts  a strong pipeline of 42 projects that has a 42 million square feet of saleable area that includes 26 ongoing projects with 24.3 million square feet of saleable area.

At 11:52 am, the shares of Shriram Properties were trading 3.74% higher at Rs 107.95 on NSE. 

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