Bengaluru-based real estate developer Shriram Properties Limited (SPL) has expanded its presence in the Chennai real estate market by acquiring development rights for a residential project. The deal, valued at around Rs 185 crore, involves the acquisition of 1.9 million square feet of space from Garden City Developers.
Through its wholly owned subsidiary, Shrivision Elevations Private Limited, SPL has secured 100% development rights for an ongoing project covering a total area of 3.2 million square feet in Chennai. This strategic acquisition is expected to be value accretive for SPL and provide them with a stronger foothold in the micro market. By gaining full control over the remaining phases of the project, SPL aims to unlock enhanced value and ensure quality execution while prioritizing timely delivery and customer satisfaction.
M Murali, Chairman of Shriram Properties, expressed his optimism about the acquisition, stating, “The acquisition is value accretive and will help us leverage the strong position in the micro market. Also, the acquisition will allow SPL to have full control of the project’s remaining phases and unlock better value. Our focus will remain on quality execution at an accelerated pace with delivery delight to our customers.”
With this latest acquisition, SPL’s portfolio in Chennai now encompasses four projects with a total saleable area of 6.8 million square feet. This includes 1.8 million square feet in completed projects and 5 million square feet in ongoing projects at various stages of development. The recently acquired residential project itself holds substantial revenue potential, estimated to be around Rs. 1,200 crore over the next five years, according to the company’s projections.
By expanding its footprint in Chennai, Shriram Properties aims to capitalize on the city’s robust real estate market and leverage its expertise to create high-quality residential offerings. The company has a strong track record of delivering successful projects and is committed to meeting the evolving demands of homebuyers. With a customer-centric approach and a focus on meticulous execution, SPL is well-positioned to drive growth and establish itself as a prominent player in Chennai’s real estate landscape.
SPL, through its wholly owned subsidiary Shrivision Elevations Private Limited, has secured complete development rights for an ongoing project spanning a total area of 3.2 million square feet in Chennai. This strategic acquisition is expected to bring added value to SPL and strengthen its presence in the micro market. By gaining full control over the remaining phases of the project, SPL aims to unlock greater potential and ensure the execution of high-quality construction while maintaining a focus on timely delivery and customer satisfaction.
Chairman M Murali of Shriram Properties expressed his positive outlook on the acquisition, stating, “The acquisition is value accretive and will help us leverage our strong position in the micro market. Additionally, it allows SPL to have full control over the remaining phases of the project, unlocking enhanced value. Our primary focus remains on maintaining exceptional execution with accelerated progress, ultimately delivering satisfaction to our customers.”
With this latest acquisition, SPL’s Chennai portfolio now includes four projects totaling a saleable area of 6.8 million square feet. This consists of 1.8 million square feet in completed projects and 5 million square feet in ongoing projects at various stages of development. The recently acquired residential project itself holds substantial revenue potential, estimated to reach approximately Rs. 1,200 crore over the course of the next five years, according to the company’s projections.
The acquisition of development rights for the residential project in Chennai is another significant milestone for Shriram Properties as it continues to strengthen its presence across key markets in India. The company’s commitment to delivering value and providing exceptional living experiences underscores its vision to be a trusted and preferred choice for homebuyers. As SPL embarks on this new venture, it is poised to create landmarks and contribute to the sustainable development of Chennai’s real estate sector.
