Shriram Properties Unveils New Project in Chennai

25 Sep 2024 , 07:46 PM

Shriram Properties Ltd shares increased nearly 3% after announcing a new project in Chennai, opening at ₹131.7 and hitting an intraday high of ₹134 on the BSE.

The company launched “Codename Pudhiya Chennai,” an apartment development located in Thirumazhisai, offering a total saleable area of 1.1 million square feet. The project has a projected revenue potential of ₹550 crore to ₹600 crore.

Situated in the rapidly developing West Chennai corridor, the project is approved by the Real Estate Regulatory Authority (RERA).

Vivek Venkateswar, Chief Sales & Marketing Officer, highlighted the company’s expertise in Chennai’s real estate market, emphasizing the project’s potential for long-term value and appreciation.

The development features two- and three-bedroom apartments designed for optimal space utilization, modern aesthetics, premium finishes, good ventilation, and Vastu compliance.

Chairman Murali Malayappan announced plans to expand the company’s inventory by 20 million square feet over the next six years, focusing on growth in Bengaluru, Chennai, Kolkata, and Pune.