Chennai: Real estate developer Shriram Properties is cautious about commercial real estate projects amid concerns that AI could disrupt multiple sectors.Murali M, CMD, said the company did not want to be “very aggressive” in the commercial space. “We are a little cautious about commercial space projects. We do not know what AI is going to do. We are holding discussions with people on developing build-to-suit facilities so that they do not remain without tenants, since that could be risky. Also, rentals can come down when there are disruptions, and we do not know what level of disruption AI is going to cause,” he told here on Thursday.“Moreover, people are used to the work-from-home culture, with 25%-30% still working from home. We will grow in the office space segment, though we do not want to venture into it very aggressively,” he said.The realty firm has developed approximately four million sq ft of office space at Shriram The Gateway in Chennai. It is currently evaluating opportunities for office space in Coimbatore as well as warehousing projects.The company, however, will continue to focus on the residential sector. According to Murali, it aims to double its sales value. “There is constant growth in housing and good demand. Last year, we did about Rs 2,300 crore in sales. We have set a mission to double the sales value from Rs 2,300 crore to Rs 4,500 crore-Rs 5,000 crore over the next two years and triple the revenue,” he said.Shriram Properties is expected to invest approximately Rs 1,750 crore nationally during FY27 and FY28, mainly in Bengaluru, Chennai, Pune and Kolkata. In Chennai, the company plans to invest Rs 368 crore to acquire 3.3 million sq ft of development potential.“By the end of this fiscal, we are planning to hand over more than 500 units with an expected sales value of around Rs 250 crore in Chennai,” he added.
