Realty firm Shriram Properties Ltd (SPL) and ASK Property Fund on Wednesday announced a joint investment of Rs 206 crore in a residential project in Chennai.
The joint investment is “towards 100 per cent of development rights in an ongoing project in Chennai, through SPL’s wholly owned subsidiary Shrivision Elevations Pvt Ltd.” 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 the next 5 years.
The project comprises around 1,900 residential units, predominantly targeting the mid-income group.
A residential real estate development company is Shriram Properties Ltd. The mid-market and inexpensive housing segments are its main areas of focus. Additionally, it can be found in the commercial and office space sectors as well as the mid-market premium and luxury dwelling sectors.
The real estate core fund ASK Property Investment Advisors Fund V is run by ASK Property Investment Advisors. The fund invests in multi-family properties in India from its base in Mumbai, India.
