2 hrs ago
Shriram Properties Plans Kolkata Expansion After Uttarpara Growth
Shriram Properties is a company that builds homes and other real estate projects.
It first entered Bengal about 20 years ago by buying a large piece of land in Uttarpara.
The company faced land-related problems that delayed construction.
Those issues were resolved after it gave 42 acres back to the state in February.
Shriram says its Uttarpara projects are now receiving a strong response, especially its premium villas.
It plans to build more homes and other facilities there.
These facilities may include a mall, offices, a school, a hospital and senior living homes.
The company is also looking for new projects in Kolkata, including Rajarhat and Alipore.
Shriram Properties is exploring projects in Kolkata, including Rajarhat and Alipore, with a target gross development value of ₹500–600 crore per project.
The Bengaluru-based developer entered Bengal 20 years ago by acquiring 314 acres in Uttarpara from Hindustan Motors.
Shriram recently transferred 42 acres of the Uttarpara land to the state, resolving outstanding land-related disputes.
The company has developed 6 million square feet at Uttarpara and plans 7–10 million more square feet there over the coming years.
Shriram expects to invest ₹4,000 crore in Uttarpara, including projects such as a mall, offices, senior living, a school and a hospital.
- Who
- Shriram Properties, led by chairman and managing director Murali M.
- What
- The developer is planning a fresh expansion into Kolkata while continuing a major development programme at Uttarpara.
- Where
- Uttarpara and potential Kolkata locations including Rajarhat and Alipore.
- When
- The company entered Bengal 20 years ago; it transferred 42 acres to the state in February and plans development through the decade.
- Why
- Shriram says strong sales of premium villas and plotted developments at Uttarpara have encouraged it to pursue further opportunities in the state.
Key facts
- Company
- Shriram Properties
- Uttarpara acquisition
- 314 acres acquired from Hindustan Motors
- Development completed
- 6 million square feet at Uttarpara
- Remaining land stated
- 147 acres
- Planned Uttarpara investment
- ₹4,000 crore
- Additional planned development
- 7–10 million square feet
- Target project scale in Kolkata
- ₹500–600 crore gross development value per project
Quotes
Murali M
Chairman and managing director of Shriram Properties
“We are looking at Rajarhat, Alipore, to name a few. For Shriram, a project has to be of sizeable scale, with a gross development value of ₹500-600 crore”
telegraphindia.com
“We have reached an inflexion point at Uttarpara which has a runway to grow”
telegraphindia.com
Sources
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