Bengaluru-based developer Shriram Properties Limited (SPL) has signed a Joint Development Agreement (JDA) to develop a 0.7 million sq ft mixed-use project in Hinjewadi, Pune, marking its second venture in the city. The upcoming high-rise development will feature premium residential apartments alongside retail and commercial spaces, further strengthening the company’s presence in the western region.

According to the company, the development received a strong response, with over 55% of the available inventory sold within six months of its launch.

“The company is now embarking on the second project in Hinjewadi, Pune, in the form of a high-rise mixed-use development that redefines urban living and lifestyle experiences. The project comprises 6.5 lakh sqft of premium apartments complemented by thoughtfully designed retail and commercial spaces, aggregating to a total saleable area of over 7 lakh sq ft,” the company said in a statement.

According to the company, the project is situated in a high-demand residential corridor and will feature a sky clubhouse offering panoramic city views, leisure amenities, and social spaces.

The addition of this new project reinforces SPL’s commitment to geographical diversification and capital-efficient growth through asset-light development models, the company said in the statement.

“Pune continues to offer strong demand fundamentals driven by its thriving IT and industrial ecosystem. The signing of our second project marks an important step in our expansion strategy and reflects our confidence in the city’s long-term potential. We are excited to strengthen our presence in Pune. This latest addition aligns with Shriram Properties’ broader growth strategy to scale up its presence across key residential markets through partnerships and development alliances, while maintaining its focus on delivering value-driven, high-quality homes,” Akshay Murali, vice president, Business Development at Shriram Properties, said.

According to the company statement, Hinjewadi is known as Pune’s largest IT and business district and has emerged as one of the city’s most preferred residential destinations. The micro-market continues to attract both end-users and investors, with sustained housing demand supported by steady rental yields and proximity to the Hinjewadi IT Park, the Mumbai-Pune Expressway, and key educational and healthcare institutions, the company said.

“With this project, Shriram Properties is further strengthening its portfolio in the western region, building on the encouraging response to its maiden project in Pune. The company remains focused on expanding its footprint across high-growth micro-markets of Pune while maintaining its leadership in South India’s mid-market housing segment,” the company’s statement added.