The shares of Shriram Properties jumped nearly 6 percent on October 27 after the company announced that it has signed a joint development agreement (JDA) for a land parcel spanning across 7 acres of land. This is part of a larger deal of approximately 15 acres of land in North Bengaluru.

The shares of the company hit an intraday high of Rs 93.25 apiece earlier during the day. The stock then pared some gains to close 2 percent higher in the green at Rs 89.60 apiece.

Shriram Properties said that it is set to develop a premium row houses project with an estimated GDV potential of approximately Rs 600 crore. "Strategically positioned in one of North Bengaluru’s most coveted micro-markets, the upcoming project is designed to offer an exclusive row-house living experience that blends modern architecture with sustainable and nature-inspired design principles," it said in an exchange filing.

The upcoming project is positioned beside the soon-to-be-unveiled Madappanahalli Biodiversity Park, also known as the ‘Mini Lalbagh’. "Spread across 154 acres, Mini Lalbagh is being transformed from eucalyptus plantations into a lush biodiversity hub featuring themed gardens, an aviary, a nature park, and a medicinal plant zone. The new development will overlook this expansive green sanctuary, offering residents an unmatched blend of urban sophistication and ecological tranquility. The development is planned for launch in the next fiscal year and is expected to become a landmark addition to SPL’s growing Bengaluru portfolio," it added.

Speaking about the development, Akshay Murali, Vice President – Business Development at Shriram Properties, said the company believes that great homes should offer both comfort and connection - with people, place, and nature. "Our upcoming Yelahanka project embodies this philosophy, combining elegant design, modern amenities, and green surroundings to create a truly enriching living experience for today’s discerning homebuyers. Yelahanka’s strong infrastructure growth and proximity to the upcoming biodiversity park make it an exceptional location for premium row houses. We are confident this development will redefine the residential landscape in North Bengaluru," he added.