✦ AI Summary
Table of Content
▲
Shriram Properties is targeting a doubling of its net profit and sales bookings by FY29 as it increases project completions and expands its development pipeline. The Bengaluru-based developer is also evaluating a different revenue model in West Bengal: developing and retaining a premium shopping mall at Uttarpara to generate recurring rental income.
The company reported a consolidated net profit of ₹100.81 crore in FY26 and sales bookings of ₹2,354 crore. It is now targeting realisable income of around ₹3,000 crore by FY29, compared with approximately ₹1,400 crore in FY26. According to the company, higher revenue recognition from projects moving towards completion is expected to support the growth target.
Shriram Properties has 50 million sq ft development pipeline through FY29
Shriram Properties currently has a construction pipeline of around 50 million sq ft through FY29, with approximately 20 million sq ft expected to be developed over the next 18 months, according to CMD Murali M.
The company has a major presence in Chennai, Bengaluru and Pune and has also started exploring the Mumbai market. It is evaluating additional projects in Kolkata, where the company sees improving real estate conditions.
The growth strategy comes after a strong FY26. Shriram Properties' net profit increased 30.41% year-on-year to ₹100.81 crore, while total income rose 39.40% to ₹1,356.93 crore. It delivered 3,465 homes and plots during the year, while customer collections increased 12% to ₹1,661 crore.
The developer also added seven projects during FY26 with a combined development potential of about 3.5 million sq ft and an estimated gross development value of ₹3,500 crore.
Uttarpara remains central to the Bengal strategy
West Bengal is becoming an important part of Shriram Properties' expansion plans. The company has invested around ₹2,000 crore in its Kolkata operations, with its Bengal business anchored by the Shriram Grand City township at Uttarpara in Hooghly district.
The company had acquired the Uttarpara land parcel from Hindustan Motors nearly two decades ago for around ₹290 crore. Following a legal settlement with the West Bengal government involving the transfer of 42 acres, Shriram Properties now has around 272 acres in the parcel.
Around 65 acres have already been utilised across five projects. These include two mass residential developments comprising approximately 5,700 units, along with 198 villas and around 300 plots.
The scale of the land bank leaves room for further development around the existing township. Shriram Properties has around 140 acres available for incremental mixed-use commercial development, with potential development of approximately 10–11 million sq ft and an estimated investment of around ₹6,000 crore.
For broader context, Kolkata's residential market recorded 4,043 home sales in Q1 2026, while average residential prices reached ₹5,937 per sq ft, according to AquireAcres' market review.
Premium mall could introduce rental-income model
The proposed premium shopping mall is perhaps the most notable part of Shriram Properties' latest strategy.
The company is considering developing and owning a premium mall at Uttarpara instead of selling the completed commercial asset. If pursued, the project would potentially become Shriram Properties' first rental-income property, according to Murali.
That would represent a change from the company's traditional develop-and-sell approach. Instead of recognising revenue primarily when properties are sold, retaining a mall would allow the company to build an income-generating commercial asset within its portfolio.
The proposal remains under consideration, however. The company has not announced that the mall has received final approval or that construction has begun.
The commercial development would form part of the wider Uttarpara township ecosystem, which already includes residential apartments, villas, row houses and plots, with planned office and retail space as well as social infrastructure.
For readers looking at the economics of retail assets, AquireAcres' guide on mall versus high-street retail property investment explains how mall ownership differs from high-street property, particularly around rent, CAM charges, tenant structures and occupancy.
Connectivity is a key factor for Uttarpara
Shriram Properties has identified improving connectivity as one of the factors supporting Uttarpara's growth potential.
The company pointed to metro expansion, proximity to three railway stations and access to the airport as factors that could strengthen the corridor's appeal.
The proposed mall would therefore sit within an already developing residential ecosystem rather than functioning as a standalone commercial project. Its potential catchment would depend on how the surrounding residential population, transport connectivity, retail demand and future commercial development evolve.
This is also relevant for understanding Kolkata's property market. Recent market data shows demand remains concentrated in affordable and mid-segment housing, while improving infrastructure is supporting activity in several peripheral and emerging locations.
Bengal business reaches break-even
Another development highlighted by Shriram Properties is that its Bengal special purpose vehicle has now reached break-even.
The company has been working through long-pending land matters at Uttarpara, with the FY26 resolution involving the conveyance of 42.37 acres to the West Bengal government from the original approximately 314-acre parcel. The company said the resolution cleared the way for accelerated development and unlocking value from the remaining land.
With residential projects already underway and substantial land available for future mixed-use development, the potential mall would add another component to the company's Kolkata strategy.
However, the proposal is still at the evaluation stage. The eventual investment, project size, construction timeline, tenant mix and rental potential will determine whether the commercial asset becomes a meaningful recurring-income stream for the company.
What Shriram Properties' FY29 plan means
Shriram Properties' FY29 strategy combines two different growth levers: increasing revenue recognition from its existing project pipeline and expanding the development base through new projects.
The possible Uttarpara mall adds a third element asset ownership for recurring rental income.
For now, the company is targeting around ₹3,000 crore of realisable income by FY29, supported by a 50 million sq ft construction pipeline and further expansion across its key markets. Whether the rental-income model becomes a permanent part of its business will depend on the company's final decision on the Uttarpara mall and its subsequent execution.
Ans 1. Shriram Properties is targeting a doubling of its net profit and sales bookings by FY29. The company is targeting realisable income of around ₹3,000 crore, compared with approximately ₹1,400 crore in FY26.
Ans 2. The company has a construction pipeline of around 50 million sq ft through FY29, with approximately 20 million sq ft planned for development over the next 18 months.
Ans 3. Shriram Properties is considering developing and owning a premium shopping mall at Uttarpara in West Bengal. The proposal is still under consideration and has not been announced as a confirmed completed project.
Ans 4. Yes. If the company proceeds with developing and retaining the mall, it could generate recurring rental income. Shriram Properties has said this could become its first rental-income property.
Ans 5. Following the transfer of 42 acres to the West Bengal government, the company has around 272 acres in the Uttarpara parcel. Around 65 acres has already been utilised, while about 140 acres is available for incremental mixed-use commercial development.
Ans 6. Shriram Properties has estimated potential development of around 10–11 million sq ft across approximately 140 acres, with an estimated investment of about ₹6,000 crore.
Ans 7. The company's consolidated net profit increased 30.41% to ₹100.81 crore, while total income rose 39.40% to ₹1,356.93 crore. It delivered 3,465 homes and plots and reported customer collections of ₹1,661 crore.