Real estate developer Shriram Properties (NSE:SHRIRAMPPS, BOM:543419) has entered into a joint development agreement for a 7-acre land in Bengaluru, India, according to a Monday filing to the Indian stock exchanges.
The company plans to develop a premium row of houses on the land, with an estimated gross development value (GDV) potential of 6 billion Indian rupees.
The agreement is part of a larger deal for a 15-acre land parcel in North Bengaluru. The development is planned for launch in the next fiscal year.
The company's shares were up over 5% in recent trade.
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