Shriram Properties Ltd announced on Tuesday that it has inked a collaborative development agreement to build a mixed-use project in Pune with a revenue potential of around Rs 750 crore.

The company announced in a statement that it has signed a joint development agreement (JDA) for a six-acre prime plot of land in Pune's emerging micromarkets of Undri.

Shriram Properties plans to build more than 650 apartments and a few retail and commercial spaces, totaling more than one million square feet of saleable space over the next four years.

"The project might generate between Rs 700 and Rs 750 crore in total revenue. The project's launch is scheduled for H2 of FY25", the business stated.

Shriram Properties has a solid pipeline of 42 projects totaling 42 million square feet of saleable space, including 26 existing projects totaling 24.3 million square feet of saleable space as of June 30, 2024.

"This investment aligns with our asset-light approach for faster growth. We believe that big, well-known companies like Shriram have a lot of promise in the booming Pune market", stayted Murali Malayappan, Chairman and Managing Director of Shriram Properties.

One of the top residential real estate development firms in South India is Shriram Properties Ltd. (SPL), which focuses mostly on the mid-market and inexpensive housing segments. Nearly 85% of its development initiatives are focused on three of its major markets including Bengaluru, Chennai, and Kolkata.