NEW DELHI (INDIA): The Bangalore-based real estate major Shriram Properties has envisioned major growth plans for the coming year with expansion across key cities like Bangalore, Chennai, Kolkata and Vishakhapatnam.
With a slew of pro-industry initiatives by the government, which include RERA and GST, the company is confident to achieve significant growth in the coming few years.
The company has plans to launch five new projects in Bangalore this fiscal, and also plans to announce the launch of residences in Chennai’s 1st truly integrated enclave. They are also adding a new phase to the existing project in Vishakhapatnam and have plans to launch a new phase in Kolkata at Shriram Grand City, the most successful launch in Kolkata last year.
This is a build-up to their recent announcement of them investing Rs 15,000 crore over the next 7-8 years for the development of around 30 ongoing projects, largely residential, across six major cities. This fiscal, company is targeting doubling in sales numbers from the last fiscal.
The company has enlisted top talent from real estate companies, like Brigade Group, Lodha Group and Embassy to achieve the ambitious growth plans set out by the company. The recent hiring includes, appointment of Arun Anand, former Product Strategy Head at Embassy and Vyoma Pandit, former Marketing Head at Brigade, as Joint CMOs (Chief Marketing Officers) of Shriram Properties. Both are MBAs from top B-schools who started their real estate careers at Lodha Group in Mumbai. Over 25 other mid-senior level professionals from companies like Lodha, Mantri, Assetz including young talent from the IT & Startup industry have also come on board over the last few months.
Speaking on this fresh phase of growth in Shriram Properties, M Murali, Managing Director, Shriram Properties, said, “Shriram Properties is at the cusp of a new phase of growth. To meet our ambitious business plans we have brought in many young, dynamic professionals from the industry and given them an open playing field to bring about the transformation in the company. We continue to believe and invest in the entrepreneurial work culture that makes Shriram Properties a unique place to work in an otherwise traditional industry.”
Shriram Properties recently signed a $350 million deal with Xander Group, making it the largest private equity deal in the real estate space. Their key investors include Walton Street, Starwood capital, TPG Capital, Tata Opportunities Fund, ASK, Motilal Oswal, Amplus and ICICI Prudential. Today Shriram Properties holds close to 2% of the FDI in India, the largest by a single developer. Shriram Properties has a land bank of 1,200 acres for future development.