Shriram Properties Limited (SPL), a leading real estate developer, has successfully sold a 3.9-acre land parcel in Chennai for ₹93 crore. The buyer, a prominent healthcare and educational group in South India, remains undisclosed. This transaction was part of SPL’s broader land monetization strategy aimed at unlocking capital to fund its growth initiatives and expand its residential projects.
The land parcel, located on Chennai’s GST Road, was owned by SPL through its subsidiary, SPL Shelters Private Limited. Positioned next to a fully operational 4 million sq. ft. office complex and the 2 million sq. ft. residential project Shriram Park 63, the site holds immense potential for retail or commercial development, making it a highly valuable asset.
SPL’s decision to divest this non-core property underscores its commitment to focusing on its core strength—residential real estate. The proceeds from the sale will be redirected to enhance mid-market and mid-premium developments, which form the backbone of SPL’s operations. These segments account for 85% of the company’s activities, with a primary presence in Bangalore, Chennai, and Kolkata. The company is also planning to enter the Pune market, further expanding its reach into high-demand regions.
Commenting on the sale, M. Murali, CMD of SPL, said, “This transaction is a significant step in our journey of unlocking value from non-core land parcels. It reinforces our financial strategy to support growth funding needs and accelerate the development of residential projects across our key markets.”
As of September 30, 2024, SPL has delivered 46 projects, spanning 25 million sq. ft. of saleable area. Its development pipeline includes 42 projects with a potential of 40.2 million sq. ft. The company’s strategic focus on residential growth and geographic expansion ensures its continued leadership in the mid-market and mid-premium housing segments.