Shriram Properties (SPL), a real estate developer and builder, has announced the complete acquisition of development rights in an ongoing project in Chennai. The acquisition was made through their wholly-owned subsidiary, Shrivision Elevations. According to a filing with the BSE, the project is estimated to generate revenue of approximately Rs 1,200 crore over the next five years.
M Murali, CMD of Shriram Properties, stated that the acquisition is of great value and will strengthen their position in the local market. It will also provide SPL with full control over the remaining phases of the project, allowing them to unlock greater value. Murali emphasized their commitment to high-quality execution and timely delivery to satisfy their customers.
The project, named "Divine City," is an approved residential development with a total saleable area of 3.2 million square feet (msf), planned to be developed in three phases. The first phase, covering 1.3 msf, had already been launched by the previous owners under the brand name "Shriram Divine City." The company reported that the initial phase received a positive response, with 60% of the units sold quickly.
The remaining two phases, covering 1.9 msf of saleable area, are yet to be launched. Due to a change in the former owners' market strategy, they decided to monetize their development rights in these phases, leading to the acquisition by SPL.
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