The real estate firm Shriram Properties Ltd. declared on Monday 10 February that it has inked a joint development agreement (JDA) to construct a posh residential complex in Chennai’s Koyambedu, a major urban micromarket.
With a total saleable area of 3.2 lakh square feet, the project is expected to be developed over the following three years. The project has a revenue potential of around Rs 350 and 400 crore and is expected to be completed by early FY26.
Shriram Properties claims that the company intends to construct a well-known residential complex in the exclusive Koyambedu micromarket in Chennai. A train station, a metro station, and other essential infrastructure amenities are all conveniently located near the project, making it well-connected.
“This project acquisition is an integral part of SPL’s pursuit of accelerated growth, whilst remaining asset-light. The project will further fortify its strong project pipeline and support growth momentum going forward,” Shriram Properties said.
Murali Malayappan, Chairman and Managing Director of SPL, said, “This investment aligns with our asset-light strategy to drive accelerated growth. Chennai presents a promising market with immense potential for established brands like Shriram. This micro market is well established and a hotspot of prime developments. We are looking forward to its launch in early next financial year and remain committed to delivering top-notch quality and utmost satisfaction for our customers.”
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