Bengaluru: Real estate developer Shriram Properties (SPL) aims to enhance its focus on the mid-market and mid-premium segments of the residential real estate markets in Bengaluru, Chennai and Kolkata, as well as Pune that it plans to enter soon. The company, which entered its 25th year of operations in 2024-25, announced a new brand identity - SPLNxT- on Wednesday.
The company aims to achieve leadership in the mid-market and mid-premium segments over the next decade, and also aims to double its sales, triple its revenue, and quadruple its profits over the next three years.
The company is targeting cumulative sales of over 20 msf (million square feet), predominantly focused on Bengaluru, Chennai and Pune. Kolkata will remain a key contributor. SPL is targeting to accelerate new project addition in core markets of Bengaluru, Chennai and Pune and intends to more than double its new project inventory.
Currently, SPL has a project pipeline of 42 projects with 42 msf development potential. Of this, 24 msf is ongoing and the remaining 18 msf of development potential vests in future projects. SPL is targeting to double this future project inventory in 18-24 months, the company announced on Wednesday at a press conference in Bengaluru.
Murali Malayappan, Chairman & Managing Director of Shriram Properties Limited, said, "We are embarking on a mission with a brand-new identity, as we enter the 25th year of our operations. It will allow us to create our own identity."
Murali added, “We will leverage technology for enhanced customer delight going forward. We envision SPL as a dominant force, not only in south India but across our key markets."
The mid-market residential segments have expanded in recent years. Mid-segments accounted for 59% of housing demand in India in 2023, against 49% during pre-covid. In SPL’s core markets of Bengaluru and Chennai, mid-segments accounted for nearly 75% of demand in 2023, against pre-covid levels of 60% and 52% respectively. In Kolkata, it stood at 64% and 48% respectively.
The company has a strong presence in the mid-segments, accounting for 67% of its completed and ongoing portfolio, with the rest coming from affordable and other products segments. Since the introduction of RERA, in the last 7 years, SPL's sales volume has been growing 3.5x to 4.6 msf and sales value growing 5x to Rs 2,362 crores and annual handovers jumping 4x to over 3,000 units in FY24, the company said.