Shriram Properties Targets More Than Rs 250 Crore Revenue From New Bengaluru Project
The proposed project will comprise of 270 apartments with an aggregate saleable area of approximately 3.8 lakh square feet and is expected to be developed over the next three years.
Shriram Properties Ltd. said on Tuesday that it plans to generate an aggregate revenue of more than Rs 250 crore from a newly signed land development project in Bengaluru.
The proposed project will comprise 270 apartments with an aggregate saleable area of approximately 3.8 lakh square feet and is expected to be developed over the next three years, the property developer said in a notification to the exchanges.
The company plans to launch this project in the first half of the current financial year, according to the statement.
The real estate developer has a pipeline of 47 projects, including 25 ongoing projects, it said, adding, "Nearly 75% of ongoing projects are already sold, and the company has no inventory of completed projects or phases."
On May 29, the company will release its fourth-quarter results.
Shares of Shriram Properties extended gains for the fourth consecutive trading session. The stock rose as much as 3.4% to Rs 122 apiece, compared with 0.2% gains in the country's benchmark NSE Nifty 50.
The stock has rallied 80% in the past 12 months and is currently trading at 22.4 times its estimated earnings per share for the coming year, according to Bloomberg data.
