Bengaluru Based Shriram Properties Acquires Development Rights for a Residential Project in Chennai For INR 185 Cr

Shriram Properties Acquires Development Rights for a Residential Project in Chennai 

Shriram Properties Limited (SPL) of Bengaluru has acquired development rights for 1.9 million square feet for a residential project in Chennai from Garden City Developers in a transaction valued at approximately Rs 185 crore.

Through its wholly-owned subsidiary, Shrivision Elevations Private Limited, SPL has obtained 100 percent of the development rights for the ongoing 3.2-million-square-foot Chennai project.

"The acquisition is accretive to value and will assist us in capitalising on our strong position in the micro market. Additionally, the acquisition will grant SPL complete control over the remaining phases of the project and unlock greater value. Mr. M. Murali, chairman of Shriram Properties, stated that the company's focus will continue to be on delivering high-quality services at a rapid tempo.

The portfolio of SPL in Chennai consists of four projects with a combined saleable area of 6.8 million square feet, including 1.8 million square feet of completed projects and 5 million square feet of ongoing projects in various phases.

According to the corporation, the recently acquired residential project has a five-year revenue potential of approximately Rs. 1,200 crore.

As of December 31, 2022, SPL's development pipeline consists of 53 projects with a total development potential of 53 million square feet. Its principal markets are Bengaluru, Chennai, and Kolkata, which account for approximately 85 percent of its development activities.