Pune: Shriram Properties Limited (SPL), a leading residential real estate developer from South India, has signed a Joint Development Agreement to launch a new 6-acre project in Pune’s growing Undri area.

This project will feature more than 650 apartments and retail/commercial spaces, covering a saleable area of over 1.0 million square feet, with a projected revenue of approximately ₹700–₹750 crore. SPL plans to initiate the project in the latter half of FY25, marking its expansion into Pune's vibrant real estate market.

The upcoming development will provide residents convenient access to nearby IT/ITeS centers, retail hubs, quality educational institutions, and Pune’s central areas.

Additionally, SPL is in the final steps of acquiring rights for an adjoining 8 acres primarily earmarked for retail and commercial purposes, enhancing the project’s potential.

SPL’s move into Pune, recognized as India’s second-largest residential market, is strategically aligned with the city’s growing infrastructure investments and economy.

The decision reflects SPL’s asset-light, rapid growth model and adds to its project pipeline, which as of June 30, 2024, includes 42 projects spanning 42 million square feet of saleable area.

Murali Malayappan, Chairman & Managing Director of SPL, commented on the new venture, stating, “This investment supports our asset-light growth strategy. Pune holds vast opportunities for established brands like Shriram.

The Undri micro-market, given its proximity to IT/ITeS zones, has seen significant demand, and we are eager to launch this project, delivering high-quality developments and enhancing customer satisfaction.”