+
Shriram Properties Acquires Chennai Project, Eyes Strong Growth
Real Estate

Shriram Properties Acquires Chennai Project, Eyes Strong Growth

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.

Also Read
Madhav Infra awarded Rs 91.07 cr railway construction contract
Reliance Power offers Rs 1,200 cr cash settlement to VIPL Lenders

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. Also Read Madhav Infra awarded Rs 91.07 cr railway construction contract Reliance Power offers Rs 1,200 cr cash settlement to VIPL Lenders

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Insurance is not a cost; it is protection for the balance sheet

As infrastructure projects grow larger and more complex, their risk profiles are evolving beyond physical damage. Underinsurance, business interruption, supply-chain disruptions, climate volatility, surety and transactional exposures can all have significant financial consequences. Mohan Agrawal, Director and Business Lead - Construction, Infra & Warehousing, EDME Insurance Brokers, discusses these emerging risks and the gaps in conventional insurance practices in a conversation with KAVITA PARAB, CW. He explains why infrastructure players need to view insurance not merely as a cost, but a..

Next Story
Equipment

Optimising Earthmoving

Constituting India’s biggest fleet of construction equipment by type, earthmovers positively impact project outcomes and company bottomlines if best practices are adopted. Here’s a guide from CW.Select the right machineOne of the biggest challenges in using earthmovers isn’t machine failure but using the wrong machine configuration for the application, according to Chaitanya Bhagde, P&M Head, SHC Projects. “Unless equipment is deployed after considering the soil type, excavation depth, haul distance and production target, the application will face low productivity, longer time depl..

Next Story
Real Estate

We engineer the way architecture gets built

DALBIR SINGH, Founder, HAACE, on the company’s bespoke approach to translating ambitious architecture into precisely engineered and executed structures.What does bespoke construction mean to HAACE, and how is it different from conventional contracting?For HAACE, bespoke construction means choosing the construction methodology around the design rather than forcing the design into a standard template. Every project is studied around its architectural intent, structural requirements and execution challenges. We deliberately take on a limited number of projects because this approach demands atte..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code