Shriram Properties eyes Pune, Hyd markets

Shriram Properties, part of the Chennai-based Shriram Group which is headquartered in Bangalore, is eyeing the Pune and Hyderabad realty market.

"In Pune, we are initiating commercial and residential projects on a 30-acre plot for a budget of Rs 50 crore. With a similar investment in Hyderabad, the company plans to focus on the residential sector," Shridhar G Kulkarni, senior general manager, Shriram Properties, told Business Standard.

The company also plans to raise Rs 1,500 crore from the market, partly through debt and public issue, for its future expansions into tier II cities and also to build a land bank.

In Bangalore, Shriram Properties has taken up five residential projects worth Rs 800 crore at Devanahalli, Hosur road, Kanakapura road, Brookefields and Doddaballapur.

In Chennai, it has taken up projects of 4.2 million sft involving malls (1 million sft), serviced apartments (0.5 million sft), shopping complexes (1 million sft) and IT parks (2.5 million sft). In Coimbatore, it has a residential project valued over Rs 25 crore.

Shriram Properties was launched in 1995 in Bangalore and in 11 years of its operations in the real estate market in South India, it has established over 2.5 million square feet of land holdings and housing property ventures.

The company, which clocked a turnover of Rs 250 crore in financial year 2005-06 by operating only in Bangalore and Chennai markets, now has set a target of Rs 500 crore by a major part of the sales from newer markets.