Shriram Properties has acquired 100% development rights for an ongoing residential project, named "Divine City", in Chennai for Rs 185 crore. The deal includes the development rights in phase 2 and 3 of the project, with a saleable area of 1.9 million sq. ft and revenue potential of approximately Rs 1,200 crore in the next five years. Shriram Properties is planning to re-launch the project under a new identity in H1-FY24. Shriram Properties is targeting to launch two new projects in the Chennai market over the next 12-18 months, with a combined saleable area of 3.3 million sq. ft.
Shriram Properties, a leading real estate company, has acquired 100% development rights for an ongoing residential project in Chennai through its subsidiary, Shrivision Elevations, for a total of Rs 185 crore. The project, named "Divine City", has a saleable area of 1.9 million sq. ft, with a revenue potential of approximately Rs 1,200 crore over the next five years.
The first phase of the development, comprising 1.3 million sq. ft, was already launched by the former owners, with Shriram Properties as the development manager. The remaining two phases (1.9 million sq. ft) are yet to be launched but are expected to be re-launched under a new identity by Shriram Properties during H1-FY24.
The acquisition will allow the company to have full control over the remaining phases of the project and unlock better value. Shriram Properties’ Chennai portfolio currently comprises four key projects, with a saleable area of about 6.8 million sq. ft, including 1.8 million sq. ft in completed projects and about 5 million so ft in ongoing projects. The company is targeting to launch two new projects in the Chennai market over the next 12-18 months, with an aggregate sales potential of 3.3 million sq. ft.
The acquisition of development rights for the Divine City project in Chennai is in line with the company's strategy of expanding its presence in key markets. The company's decision to acquire the remaining phases of the project will allow it to have full control over the development and unlock better value for its stakeholders. The Chennai market is a key area for Shriram Properties, and the company's portfolio in the region comprises four key projects, including the Divine City project.
The firm has several ongoing residential projects in Bangalore, which is one of its key markets. Some of the ongoing residential projects in Bangalore by Shriram Properties include Shriram Liberty Square, Shriram Codename Dil Chahta Hai, Shriram Rainforest Phase 2, Shriram Chirping Woods Villaments, and Shriram Signiaa. These projects offer a range of housing options, including apartments, villaments, and penthouses, and are located in some of the city's most sought-after neighbourhoods. Shriram Properties' focus on quality construction, innovative design, and customer satisfaction has helped it establish a strong presence in the Bangalore real estate market and deliver value to its customers.
Overall, Shriram Properties' acquisition of the Divine City project in Chennai is a promising development for the company and is expected to contribute significantly to its growth and success in the future. With its focus on quality execution, customer satisfaction, and strategic expansion, Shriram Properties is well-positioned to capitalize on the opportunities in India's real estate market and deliver value to its stakeholders.
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