Shriram Properties Unveils ₹600 Crore Housing Project in Chennai’s Prime Suburb

In an exciting new development for Chennai’s real estate scene, Shriram Properties Ltd has announced the launch of a housing project in Thirumazhisai, a rapidly growing suburb. Spanning 1.1 million square feet, the project, aptly named Codename Pudhiya Chennai, is set to bring two- and three-bedroom housing units to market with a revenue potential of around ₹600 crore. This ambitious project is expected to appeal to mid-market buyers and those seeking to invest in Chennai's vibrant housing sector.

A Perfect Blend of Connectivity and Lifestyle

Located strategically in the Thirumazhisai locality, the new project offers an appealing mix of connectivity and lifestyle amenities. Vivek Venkateswar, Chief Sales and Marketing Officer at Shriram Properties, expressed confidence in the long-term value of the development. He highlighted the project’s proximity to major transport hubs and expanding infrastructure, making it an attractive option for families and investors alike.

"The combination of accessibility and quality of life makes this micro-market an ideal choice for our customers. We are confident this project will offer strong appreciation over time, ensuring a rewarding investment for homebuyers," Venkateswar shared.

A Glimpse into Shriram’s Ambitious Future

This project marks a significant milestone for Shriram Properties as it continues to strengthen its presence in the real estate market. The Bengaluru-based developer has been making waves with its ambitious targets, aiming to double its sales to ₹5,000 crore and triple its revenue to ₹3,000 crore over the next three years.

During the fiscal year 2023-24, Shriram Properties reported impressive results, with a net profit of ₹75 crore and total income exceeding ₹987 crore. The company sold properties worth ₹2,362 crore during the year and has big plans for future expansion, with over 40 projects in the pipeline, encompassing a development potential of 42 million square feet.

A New Brand Identity for a New Era

As part of its growth strategy, Shriram Properties has unveiled a new brand identity—SPLNxT. With a renewed focus on the mid-market and mid-premium housing segments, the company is shifting more than 90% of its portfolio towards this demographic. This evolution aims to tap into the growing demand for affordable and premium housing in key cities like Chennai.

Since its inception, Shriram Properties has expanded into five cities, delivering over 44 projects across 24.4 million square feet of real estate. The launch of Codename Pudhiya Chennai further solidifies its position as a key player in India’s real estate market.

Investment Potential and Strategic Partnerships

The new Chennai project is part of a joint development agreement, although the identity of the joint venture partner has not been disclosed. The company’s track record and its strategic partnerships will likely play a critical role in bringing this project to fruition. With Chennai's growing infrastructure and rising demand for residential properties, this new development is well-positioned to be a major success.

The Real Estate Landscape in Chennai

Chennai’s real estate market has been seeing robust growth, especially in the mid-market segment, driven by both local demand and infrastructural improvements. Shriram Properties’ latest project is expected to draw attention from homebuyers looking for quality housing that offers both convenience and value for money.