New Delhi: Realty firm Shriram Properties Ltd has partnered with a landowner to develop a Rs 700 crore housing project in Pune.In a regulatory filing on Thursday, the company said it has signed a Joint Development Agreement (JDA) for the development of a 0.7 million square feet premium residential project at Hinjewadi, Pune.
This will be the company's second project in Pune, comprising 6.5 lakh sq ft area."The project has a GDV (gross development value) potential of around Rs 700 crore," it said.
Akshay Murali, Vice President - Business Development at Shriram Properties, said, "Pune continues to offer strong demand fundamentals driven by its thriving IT and industrial ecosystem. The signing of our second project marks an important step in our expansion strategy and reflects our confidence in the city's long-term potential." Recently, the company signed a Joint Development Agreement for a 7-acre land in North Bengaluru.
"The company is set to develop a premium row houses project with an estimated GDV potential of about Rs 600 crore," it added.Shriram Properties, one of the leading real estate developers in the country, has a significant presence in Bengaluru, Chennai, Pune and Kolkata.It delivered 48 projects with a saleable area of 28.3 million sq ft.
The company has a strong development pipeline comprising 39 projects with an aggregate development potential of 36 million sq ft, including 19 million sq ft of ongoing projects.
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