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Shriram Properties Limited’s shares were up by 6.61 per cent after the company and ASK Property Fund announced a joint investment of ?206 crore in the acquisition of development rights for an ongoing project in Chennai. This investment will be made through Shriram’s wholly-owned subsidiary Shrivision Elevations Private Limited and the project, called ‘Shriram 122 West’, will be launched soon. The ASK Real Estate Special Opportunities Fund IV funds the investment.
Located in Mangadu, near the Porur-Manapakkam IT cluster and the upcoming metro corridor, the project has a total saleable area of 1.9 million square feet across two phases, with an estimated revenue potential of ?1,200 crore over the next five years. The project comprises approximately 1,900 residential units, primarily targeting the mid-income group.
With a total capital commitment of ?500 crore, this is the second joint investment by the co-investment platform ASK and Shriram, established in November 2022. The platform’s first investment was in Shriram Pristine Estates, a premium plotted development that was launched in February 2023.
Across the two projects, the platform has utilised 60 per cent of its committed capital. The partners are exploring co-investment opportunities in plotted and residential development projects in Bengaluru, Chennai, and Hyderabad. |
