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

Next Story
Technology

AirBrick Infra Sets Rs 1 billion Target, Expands to Dubai and Tier-II Cities

AirBrick Infra, one of India’s fastest-growing AI-led commercial interior design and build firms, has announced a sales order target of Rs 1 billion for FY 2025–26. The projection represents a 50 per cent growth over the previous fiscal year and reflects rising demand, increased repeat business, and the company's robust tech-first delivery model.  Now in its third year of operations, AirBrick continues its rapid scale-up, having successfully delivered over 70 projects spanning 3 lakh sq ft in FY 2023–24. FY 2024–25 witnessed the onboarding of several Fortune 500 clients, sett..

Next Story
Resources

Virtusa Foundation Powers Green Education Drive in Bengaluru

The Virtusa Foundation, CSR arm of digital engineering and technology leader Virtusa Corporation, has announced key infrastructure and mobility initiatives at the Ramakrishna Mission, Shivanahalli, Bengaluru. The launch marks the inauguration of a 16-room residential facility for lady teachers and the deployment of two solar-powered electric buses, underscoring Virtusa’s commitment to its core pillars of Education, Environment and Empowerment (3Es).  Located on the forest fringe near Bannerghatta National Park, the initiative supports tribal and underserved communities, complementi..

Next Story
Infrastructure Urban

Godrej Enterprises Drives India’s Smart Green Logistics Shift

As India accelerates its transformation into a global manufacturing and logistics hub, Godrej Enterprises Group (GEG) is taking the lead with its smart, sustainable intralogistics solutions. Through its Material Handling Equipment (MHE) and Storage Solutions businesses, GEG is redefining operational efficiency in modern warehouses and factories using IoT, automation, and AI. GEG has consistently maintained a 20–25 per cent market share in the intralogistics sector over the past three years. Today, over 37 per cent of GEG’s revenues come from its Good & Green portfolio, and its net..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?