Shriram Properties Sells 3.9-Acre Mall Land in Chennai for ₹93 Crore

Shriram Properties Limited, a prominent company in the Indian real estate market, has successfully sold a 3.9-acre land parcel in Chennai for ₹93 crores in terms of unlocking capital for future growth. The land was sold to a southern Indian healthcare and education group, strengthening the overall land monetization strategy adopted by the company.

GST Road is flanked by the land itself. It was deduced for retail space development and is right adjacent to more than 4 million square feet of office complexes and more than 2 million square feet of residential development, Shriram Park 63. This strategic location could provide tremendous opportunities for commercial growth in the years to come. However, as SPL is largely focused on residential real estate, it has decided to divest the land upon its wholly-owned subsidiary, SPL Shelters Private Limited.

“It further underlines the company’s focus on developing its asset portfolio,” declared M Murali, Chairman and Managing Director of SPL. “This deal forms part of our strategy to unlock value from non-core land parcels and relocate the same for growth,” he stated.

It enables us to focus on accelerating the expansion of residential projects across our portfolio.”

SPL, which primarily targets the mid-market and mid-premium residential segments, operates mainly in Bangalore, Chennai, and Kolkata. These cities account for nearly 85% of the company’s development activities, with plans to enter the Pune market soon.

As of September 30, 2024, SPL has delivered 46 projects with a combined saleable area of 25 million square feet, primarily in Bengaluru and Chennai. The company also has a robust pipeline of 42 projects, which collectively offer an additional 40.2 million square feet of development potential. This land sale is expected to help SPL streamline its operations