Shriram Properties Limited (SPL) has announced a ₹2,000 crore expansion plan to develop 20 million square feet of residential and mixed-use properties across its key markets of Bengaluru, Chennai, and Kolkata, and to enter the Pune market.
“We plan to add 18-20 million square feet across India over the next 18-24 months. The total capital investment required for this expansion will exceed ₹2,000 crore,” said Gopalakrishnan J, Executive Director & Group CEO of SPL, on Friday.
Gopalakrishnan outlined that SPL will allocate over ₹500 crore from its own balance sheet for the expansion, with the remaining funds to be sourced from financial or strategic investors and landowners through Joint Development Agreements (JDAs).
As part of the Shriram Group, SPL is a prominent residential real estate developer focused on the mid-market and mid-premium segments, offering properties typically priced below ₹2 crore. Since its founding in 2000, the company has completed 44 projects with a saleable area of 24.4 million square feet, primarily in Bengaluru and Chennai, and has recently expanded into Kolkata.
“We have a pipeline of 42 projects with the potential to develop 42 million square feet of properties. With the addition of another 20 million square feet, our total footprint will reach 62 million square feet over the next three years,” Gopalakrishnan added.
SPL adopts an asset-light strategy, investing approximately 20% of the total capital needed for its projects and obtaining the remainder from external investors. Murali M., Chairman and Managing Director of Shriram Properties, emphasized their collaboration with leading institutional investors such as Starwood Capital, Tata Capital, TPG Capital, Motilal Oswal, and Mitsubishi Corporation.
Currently, 85% of SPL’s projects are residential, while the remainder includes commercial and mixed-use properties. For example, the company has developed Shriram Gateway, a 7.4 million square feet mixed-use project on the outskirts of Chennai, which includes residential units, commercial offices, retail spaces, and a hospital. Future projects in Pune and Kolkata, including a 314-acre township, will also feature a blend of residential, retail, and commercial properties.
To celebrate its 25-year anniversary, SPL has introduced a growth strategy named “SPLNxT.” Gopalakrishnan announced that the company plans to achieve several ambitious goals by FY27: doubling its annual sales to ₹5,000 crore, tripling its revenue from handovers to ₹3,000 crore, and quadrupling its profits.
“We aim to increase our annual sales from 4.5 million square feet in FY24 to 8-9 million square feet by 2027. Additionally, we plan to expand our future project inventory from 18 million square feet to 35 million square feet within the next 18-24 months,” Gopalakrishnan added.
