Shriram Properties aims to double sales to ₹5,000 crore by FY27, led by mid-income housing
- The Bengaluru developer is eyeing its next phase of growth by doubling sales, led by mid-income housing projects and the consolidation in the real estate sector.
Shriram Properties Ltd aims to double its sales to ₹5,000 crore by 2026-27, driven by robust mid-income housing sales and the consolidation in the real estate sector, said a top company executive.
The Bengaluru-based developer had clocked ₹2,300 crore of sales in FY24.
By FY27, the real estate firm plans to deliver around 15-16 million sq ft of residential projects with an annual sales of ₹5,000 crore.
Shriram Properties, which has entered into its twenty-fifth year of operations, develops projects in Bengaluru, Chennai and Kolkata. It is also venturing into a new property market—Pune.
“We believe the opportunity that lies ahead of us is phenomenal, led by the demand for housing and the consolidation among developers,” M. Murali, chairman and managing director of Shriram Properties, said at a press conference on Wednesday.
In FY25, the company plans to deliver nearly 3.5 million sq. ft of residential projects.
Shriram bets on mid-market expansion
India's residential market has seen a significant uptick in sales in the aftermath of the pandemic. While analyst reports have said that luxury project sales have picked up considerably, it is the mid-market segment of homes, where sales have been maximum across the top cities.
Currently, the developer has a pipeline of 42 projects, with around 42 million sq ft of development potential. Of this, nearly 24 million sq ft of project construction is going on.
On Wednesday, Shriram Properties also unveiled a new brand identity under the name ‘SPLNxT’, to focus on mid-market and mid-premium projects. It sells homes priced between ₹50 lakh and ₹1.25 crore in the mid-income category, and above ₹1.25 crore under the mid-premium range of home. More than 50% of its portfolio is in the mid-market range.
Going forward, the company is also planning to use technology more efficiently to support both customers, and channel partners as well as internally within the company.
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Business NewsCompaniesShriram Properties aims to double sales to ₹5,000 crore by FY27, led by mid-income housing
First Published:21 Aug 2024, 08:57 PM IST
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