In search of a brand whose existence is a testament to ardent perseverance and resonance of value addition, we came across the brand story of Shriram Properties Ltd. (SPL).
Iconic brands Of The Year 2023
The real estate development company is a well-known brand in South India. Shriram Properties’ pivotal attention is on the mid-market and affordable housing categories. Expanding its horizons to domains like plotted development, mid-market premium, aspirational luxury housing as well as commercial categories, the brand has traced an inspiring journey so far.
Beginning the Proficiency
Being one of the leading developers in South India, Shriram Properties continue to focus on key cities, such as Bengaluru, Chennai, and Kolkata with expansion plans to other key metros. The motivating force behind its inception was to fulfill the need for affordable housing in the country. In 2021, Shriram Properties completed its transition to a listed company.
The company aims at developing landmarks within the reach of relevant home-buyers, by venturing into familiar and new micro markets. The aforesaid metropolitan cities, which are among the commercial and business hubs of India, with a depth of demand for quality and affordable residential projects, provide SPL with a significant opportunity to continue the primary focus on well-planned homes for the mid-market segment. SPL’s best price-value combination, industry knowledge, and regulatory environment know-how in these cities enable it to benefit from the expected real estate demand in line with the growth of these cities.
In SPL’s housing projects, the focus is to provide optimally designed apartments and plotted developments along with social amenities that are generally otherwise unavailable to customers at affordable prices. We intend to shape lifestyles with future-ready communities.
Defining the Paradigms of Differentiation
Shriram Properties functions with an asset-light business model through development management, leveraging the existing experience and enhanced capabilities. The ultimate aim is to capitalize on industry opportunities, consolidate market position and focus on relationships with investors. Historically, in addition to owned projects, SPL has sought to develop its projects through either joint-development agreements (JDA) or joint ventures (JV) with landowners of the proposed projects, and in certain cases, with investors, to reduce up-front costs, while leveraging its brand name and execution experience.
Setting New Standards of Resilience
As in any nascent business venture, the initial challenges faced by Shriram Properties included market research and analysis, financing and capital acquisition, competition, legal and regulatory compliance, risk management, etc. Overcoming these challenges requires diligence, market knowledge, change management, networking, and building a positive reputation in the industry, which the team brought under one roof through their experienced leadership.
Stalwart Realms of Client’s Trust and Market Rapport
“Shriram Properties has built a robust reputation through excellent customer service, professionalism, and transparency in its business dealings. We have nurtured a reliable and transparent flow of communication with our clients and stakeholders. At every point, we quote true and positive client testimonials to support our authenticity. We also adhere to compliance with laws, regulations, and industry standards. Shriram Properties works towards providing quality service and demonstrating longevity and stability in the market. All these factors have contributed to building trust with our customers”, asserts Mr. Jajit Menon, Director – Sales, Marketing, CRM & Product at Shriram Properties Ltd.
The dignitary further quotes, “As consumers today expect greater transparency from real estate brands, they are always vigilant about the properties they are interested in, including pricing, history, and any potential challenges. Real estate brands that provide accurate and comprehensive information, disclose potential risks and are open about their monetary processes are bound to gain consumers’ trust the fastest. We do engage & address online reviews and ratings, which have now become an essential part of our consumers’ decision-making process. We believe in going beyond basic services and providing value-added offerings to our consumers. Shriram Properties is a brand built on trust, transparency, and quality in every aspect of the business. Customers associate us with these values.”
Diligent Digital Marketing Initiatives
Real estate is actually all about customer experience! Investing in quality customer engagement and experience whether online or offline, direct or indirect, is our key focus, to improve business results. By embracing technology, Shriram Properties with ‘digital first’ approach has remained ahead of its time in an era where the real estate industry is transforming the emerging new India.
We at Shriram Properties always look out for innovative ways to increase efficiency, differentiate and position our products and services as they build customer allegiance. Thus reducing the cost and increasing operational efficiencies to differentiate in a crowded market place such as real estate. A trust built over the years has taught us to further streamline the Supply Chain Management that integrates our Back Office Sales Operations, CRM & Technical and makes it fully automated. We also drive Customer Engagement with marketing automation platforms. Our core strategies revolve around digital innovation & outreach alongside business-related marketing. We continue to optimize the same as much as possible keeping in mind an increased distribution, while –
- Offering attractive products or services, with a competitive advantage;
- Going global Staying local;
- With effective use of Digital, Social Media & Omni-Channel marketing;
- and becoming a Thought-Leader
The new-age customer in the real estate space prefers convenience and accessibility. Hence, the synergy between real estate operations and technology is key to addressing these changing customer preferences. Investing in PropTech is the long-term goal, to increase convenience and efficiency in end-to-end operations and for customer engagement.
Shriram Properties is always visible in the digital media with its business promotion throughout the year! This has helped create a strong recall in our customers & investors’ minds. In understanding Customer Intelligence & Digital Behaviour, an interactive sharpshooting dynamic approach is the way forward for Shriram Properties to optimize digital marketing efficiency.
Overall, digital strategies are embraced to develop the brand. As a futurist, we are always reminded that the future is not just somewhere we go but something we actively create. Simply because our actions today directly influence and shape our business of tomorrow.
Projects Under the Belt
At Shriram Properties, the primary concentration is being put on the residential sector. Supported by a strong operating platform and a strong pipeline comprising 51 projects with an aggregate saleable area of 53 MSF (with 23 ongoing projects and 28 upcoming projects), SPL is well positioned to benefit from a revenue potential of Rs.20,000 Cr.
Shriram Properties has 5 of 6 new project launches lined up. In Q4 FY22-23, Bengaluru welcomed 4 new projects in the varied portfolio Shriram Properties already have. Plots namely, ‘Shriram Pristine Estates’ at Yelahanka New Town Extn. and ‘Shriram Chirping Ridge’ off Sarjapura. Apartments namely, ‘The Poem by Shriram Properties’ at Jalahalli and ‘Shriram Solitaire’ at Yelahanka New Town. A boastful launch is ‘Shriram Esquire’, SPL’s first-ever extravagant development of boutique residences in Bengaluru’s Billionaire’s Avenue, Koramangala. Additionally, the company plans to launch 12 projects this fiscal FY23-24.
The Company’s co-investment platform with ASK Property Fund (“ASK”) has taken-of well. After the first project ‘Shriram Pristine Estates’ under the platform, another project is being finalized for the Platform and is targeted for launch during H1FY24.
In Nov. 2022, SPL successfully completed the acquisition of 100% of equity in Suvilas Realities Private Limited through its wholly-owned subsidiary, Shriprop Builders Private Limited. With the aforesaid acquisition, the project with its new identity ‘The Poem by Shriram Properties’ will continue to be developed by Suvilas Realities Private Limited, with SPL being in complete control of the project with respect to future development and completion of the project. SPL has also taken over the development of the project ‘Shriram-Suvilas Garden of Joy’ as a Joint Development Partner, wherein earlier SPL was the development manager. While in Chennai, May 2023, SPL acquired 100% development rights for 1.9 MSF at an ongoing housing project, through its wholly owned subsidiary, Shrivision Elevations Private Limited; and SPL is proposing to re-launch the Project under a new identity during H1-FY24.
Out of SPL’s total residential portfolio in Bengaluru, Chennai, and Kolkata, construction for 20 million square feet is underway. The company also wants to foray into Pune.
Culminating Words for the Readers
Mr. Jajit Menon had some intellectual words for our global aficionado, which summed up the draft on an inspiring note. The dignitary said, “There are potential opportunities for young professionals & entrepreneurs to invest in properties and build wealth over time. One can perceive the long-term value of the real estate as an investment asset, the potential for rental income, and the ability to build equity through property ownership.
Covid-19 pandemic & lockdowns helped people realize the importance of having a home & a community that can be called their own. This psyche became one of the driving forces for young migrating IT professionals & NRI who have begun to accept and adapt to the new normal where they will continue to consider buying residential properties as the safest investment option.
The entrepreneurial nature of the real estate industry is quite explorative. The real estate industry is fervently evolving through innovation and technology, which may resonate with young entrepreneurs who are tech-savvy and forward thinking. Endeavours like sustainable development resonate with young entrepreneurs who are socially conscious and want to make a positive impact. So I would suggest our young talent venture in these aspects and bring a wave of strong revolutions in the real estate industry”.