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Shriram Properties spurts on Rs 206-cr joint investment in Chennai property
23-Aug-23 14:51Hrs IST

The realtor said that the project acquisition formalities were completed and is being launched as 'Shriram 122 West' shortly.

With a total saleable area of 1.9 million square feet spread across two phases, the project has an aggregate revenue potential of Rs 1,200 crore in next 5 years. The project comprises of about 1,900 residential units, predominantly targeting the mid-income group.

Shriram and ASK are making a joint investment of Rs 206 crore towards the acquisition, and the project working capital needs will be met by separately. The said investment is being made from the ASK Real Estate Special Opportunities Fund IV.

Both the companies are evaluating further opportunities to co-invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad, stated the real estate company.

Murali, chairman & managing director of Shriram Properties said, ?The acquisition is value accretive and will help us leverage the strong position in the micro market. We are happy to join hands with ASK on yet another promising project and remain confident of unlocking value as we have done with our maiden investment from the recently set co-investment platform.?

Lakshmipathi Chockalingam, managing partner - South, ASK Property Fund said ?This is our second deal under the co-investment platform and our third project partnership with Shriram Properties. Shriram has a strong name in the mid-segment market of South India and has a proven track record. The real estate market of Chennai is now experiencing exceptionally favourable conditions, with record-high absorption and the lowest inventory overhang in years. We are evaluating opportunities in recapitalization space or acquisition of value projects under the platform.?

Shriram Properties is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPL's key markets include Bangalore, Chennai and Kolkata which together accounts for nearly 85% of its development activities.

The company's consolidated net profit soared 88.9% to Rs 16.62 crore on 10.5% increase in net sales to Rs 135 crore in Q1 FY24 over Q1 FY23.

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