Shriram group nurses major real estate ambitions

Venkatachari Jagannath
20 September 2006

The group's real estate company headquartered in Bangalore Shriram Properties Limited has charted out mega plans that include development of information technology related special economic zone (SEZ) near Chennai, six township projects in Chennai, Kolkata and Bangalore apart from the usual residential property development in the southern cities.

Implementing these projects involve tying-up funds and even promoting joint venture companies. Expectedly, the thirty-eight year old managing director M Murali is busy shuttling between Chennai and Bangalore ensuring the project stays on course. Formerly a business development manager at Larsen and Toubro in Chennai, yhr 29-year old Murali was hired to head Shriram Properties in 1997.

"It was a strategic decision to have Bangalore as our headquarters when the company was promoted." The Rs5-crore equity Shriram Properties rode on the booming real estate wave in Bangalore.

From a turnover of Rs2 crore in 1998, the company closed last fiscal with a turnover of Rs140 crore. "This year we will close with a turnover of Rs260 crore. In two years the turnover will be around Rs1,000 crore," says a confident Murali.

According to him the company has constructed around 4-million sq.ft space and another 14-million are in various stages of comppletion.