Shriram Properties unveils new identity; sets fresh growth targets

Shriram Properties aims to double sales, triple incomes, and quadruple profits in 3 years, unveiling new brand identity.

Shriram Properties on Wednesday said it was aiming to double its sales to ₹5,000 crore, triple incomes to ₹3,000 crore and quadruple profits to over ₹250 crore in the next three years.

The realty firm, in the previous fiscal, reported a net profit of ₹75 crore, total income of around ₹1,000 crore while its sales were ₹2,362 crore.

On turning 25 years of operations, Shriram Properties also unveiled a new brand identity and a nextgen business mission, SPLNxT, to significantly grow the share of its key segments: mid-market and mid-premium homes priced in the ₹50 lakh-1.5 crore and ₹1.5-2 crore ranges, respectively, from 67% currently to over 90% in three years.

Murali Malayappan, Chairman & Managing Director of Shriram Properties said, ‘‘We are embarking on a mission with a new brand identity as we turn 25. The new focus will allow us to reposition ourselves in the market making us attractive to nextgen buyers. We want to be a dominant player not only in Southern region, but also across all key 10 realty markets in the country.”

Commenting on the growth outlook for the industry, he said, the country’s real estate market was $458 billion currently and was expected to cross $1 trillion in 10 years. “Some 50 to 60 developers are catering to 80% of demand for homes and the country will require 78 million new homes in the 10 years,” Mr. Malayappan added.

He said the company would also create a million direct and indirect jobs in the next 10 years, up from 20,000 currently. The realty firm currently has operations in Bengaluru, Chennai, Kolkata and Visakhapatnam and developed 24.4 million sq. ft under 44 projects in the last 25 years. The company would now foray into the Western market, starting with Pune.

Gopalakrishnan J, Executive Director and Group CEO, Shriram Properties said the company has a pipeline of 42 projects with a development potential of 42 million sq. ft and half of these were under various stages of development. “Our capital requirement will be in the ₹300-500 crore range for next three years and most of it will be met through internal funds. We will continue to stay asset light and Joint Development will account for 50% of our new projects,” he added. In FY25, Shriram Properties has plans to launch seven new projects, 3 in Bengaluru, 2 in Chennai, 1 in Kolkata and its maiden project in Pune.