The company, through its wholly-owned subsidiary, SPL Shelters owned a 3.9-acre land, currently approved for the development of a retail space.
The land parcel is strategically located on the GST road and adjacent to a 4.0 msf1 office complex that is already fully operational and a 2.0 msf residential complex, offering significant potential for retail / other commercial development.
The company stated that value unlocking from its non-core land parcel is an integral part of SPL’s guided strategy of staying focused on residential development, with greater emphasis on mid and mid-premium segments and use of monetization proceeds for fueling growth in the coming years.
Murali M, CMD of SPL said: “This transaction marks a significant step in the Company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs. We believe this move reinforces our commitment to prudent financial management and allows us to focus on accelerating growth in the residential projects across our portfolio."
Shriram Properties is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPL’s key markets include Bangalore, Chennai and Kolkata.
The company reported consolidated net loss of Rs 0.99 crore in Q2 FY25 as compared with net profit of Rs 20.15 crore posted in corresponding quarter last year. Net sales slipped 31.8% YoY to Rs 140.56 crore during the quarter.