Manjari Launch Moves to Q3: What It Means for Pune Buyers

Manjari Launch Moves to Q3: What It Means for Pune Buyers

Shriram Properties has moved its Manjari project in Pune from a Q2 to a Q3 FY27 launch, and its Gateway C Zone project in Chennai from Q2 to Q4. The revision came with the company's FY27 launch calendar, disclosed in its Q2 FY27 investor presentation, which puts 5.93 msf of launch area on the table for the year. For buyers in east Pune, the change is a signal that the timeline now hinges on local approvals rather than on the developer's own schedule.

Facts as on 13 November 2026, from the developer.

What Happened and What the Numbers Say

The company's FY27 programme covers 11 projects and 5.93 msf of launch area. Only 0.68 msf launched in the first quarter, which leaves 5.25 msf for the second half of the year. Bengaluru carries the largest share at 2.65 msf, while Pune accounts for 1.69 msf. Within Pune, the residential project in Manjari spans 2.30 msf in total, of which 1.00 msf is slated for launch this year.

Management was candid on the earnings call. Asked why Manjari sat in Q3 rather than Q2, the team said the land transaction and the RERA timing both needed to fall into place first, and that Maharashtra carried some uncertainty. The company also acknowledged that a launch could slip a couple of months here and there. The land itself is being acquired through a floor space index purchase from the existing owner of the township, and the company has said it will launch once local authority clearances come through.

Impact on Homebuyers

For anyone tracking the Manjari project, the practical message is simple. The project is listed as coming soon, it is not yet RERA registered, and it is not open for sale or booking until registration is complete. Listings place the offering at 2 and 3 BHK apartments, with unit sizes of 750 to 1,150 sq ft in one listing, and expected possession by 2029. Those figures come from project listings rather than from a filed RERA document, so they should be checked against the registration once it is issued.

Price is the question most buyers will ask first, and the honest answer is that the project is not yet priced on any official document. Anyone shopping in Manjari today should compare it with ready and near-ready homes in the wider Hadapsar and Kharadi belt, where the local IT workforce keeps demand steady. A slip of a quarter does not change the basic investment case for a well-located home, but it does mean buyers planning a move in the next year should keep a second option in view.

Expert Analysis

The revision reflects a pattern across the company's calendar rather than a problem confined to one project. Of the 5.25 msf scheduled for the second half, all of it sits at an approval or plan-submission stage. The second-half weight of the programme therefore leans heavily on Q3 and Q4 clearances in Bengaluru, Pune and Chennai. When a developer's launch depends on several local authorities at once, timelines tend to move, and this calendar is a good example.

The financial picture adds context. For the second quarter of FY27, total revenue rose 19% to Rs 272.3 crore and EBITDA reached Rs 62.4 crore, up from Rs 18.6 crore a year earlier. Net profit came in at Rs 21.6 crore. However, net debt climbed to Rs 761 crore at September 2026 from Rs 432 crore in June, after five joint ventures were converted into wholly owned subsidiaries. Buyers should read that rise alongside the company's guidance of sales volume between 5.0 and 5.5 msf and collections of Rs 2,100 to 2,200 crore for FY27.

What to Expect Next

• The Manjari launch is pencilled in for October to December 2026, and it depends on Pune local authority approvals.
• The four Q3 projects, totalling 2.18 msf, and the five Q4 projects, totalling 3.07 msf, carry the same approval dependence.
• Gateway C Zone in Chennai is scheduled for January to March 2027.
• Handover guidance stands at 3,750 to 3,800 units across seven to eight project completions this year.
• Management has pointed to potential additions of more than 8.8 msf, with a gross development value above Rs 7,500 crore, which it expects within three to six months. It has not quantified any sales from those additions.

The Locality Behind the Project

Manjari sits on the eastern side of Pune and runs along the Pune-Solapur highway on its southern edge, which carries traffic through Hadapsar into the city. The Hadapsar-Manjari-Wagholi road is the main north-south link through the area and connects to Nagar Road at Wagholi. Manjari Budruk railway station lies on the Pune-Daund section of the suburban network. Pune Railway Station is roughly 13 to 14 km away, Loni Railway Station is 8 to 9 km away, and Pune International Airport is about 13 to 14 km off.

Transit is the area's main upgrade story. Metro Line 4 received Union Cabinet approval in November 2025 with an interchange at Hadapsar railway station. Line 4B, a 11.4 km corridor from Hadapsar through Manjari to Loni Kalbhor with ten proposed elevated stations, was approved by the state on 4 November 2025 and is awaiting the Centre. Residents' reviews on local platforms note that metro access is not yet available in the immediate neighbourhood, so buyers should weigh the current commute alongside the planned lines.

Demand in the locality is shaped by the IT corridor. Manjari sits close to Kharadi, Magarpatta and Hadapsar, and a large share of local households work in those tech and services hubs. That proximity supports rental demand and makes the area attractive to first-time buyers who want a shorter commute than the central city offers.

About the Developer

Shriram Properties is a Bengaluru-based developer that began operations in the city in 2000 with its first residential project, Shriram Shriranjani. The company now has a portfolio of 51 projects spanning more than 31.5 million square feet, mainly in Bengaluru, Chennai and Kolkata, and it has recently entered the Pune market. It has delivered 48 projects covering 28.3 million square feet of saleable area, which gives it a reasonable delivery record for a mid-sized builder. Its Pune presence is still young, so the Manjari launch will be a useful test of how the brand performs in this market.

Related Projects and Areas Affected

• Manjari, Pune: The residential project in Manjari is the direct subject of this revision and moves to the Q3 window.
• Undri, Pune: A Shriram residential project here is listed with 2 and 3 BHK apartments and a 2025 to 2035 timeline, giving buyers a sense of how the developer runs its Pune schedule.
• Yelahanka, North Bengaluru: A joint development agreement covers about 7 acres of a 15-acre parcel, with an estimated gross development value of Rs 600 crore and a launch targeted for FY27.
• Electronic City corridor, Bengaluru: A mid-premium gated community with 340 two and three bedroom apartments on about 500,000 sq ft is in the company's pipeline.
• Hadapsar and Kharadi, Pune: These neighbouring IT hubs set the rental and resale benchmarks that Manjari buyers will compare against.