Shriram Properties (SPL) and ASK Property Fund have jointly invested Rs 206 crore towards 100% of development rights in an ongoing project in Chennai, through SPL’s wholly owned subsidiary, Shrivision Elevations.
The project working capital needs will be met by separately. The said investment is being made from the ASK Real Estate Special Opportunities Fund IV.
With a total saleable area of 1.9 million sq ft spread across two phases, the project – Shriram 122 West has an aggregate revenue potential of Rs 1,200 crore in next five years. It comprises of about 1,900 residential units, predominantly targeting the mid-income group.
This is the second joint investment by the co-investment platform set up by ASK & Shriram in November 2022, with an aggregate capital commitment of Rs. 500 crores. The co-investment platform’s maiden investment was in Shriram Pristine Estates.
Shriram Properties’ net consolidated total income stood at Rs 157.17 crore in Q1 FY24, a growth of 8.31 per cent from Rs 145.11 crore it recorded in the similar quarter last year.
Collectively between both projects, the platform has utilised 60% of its committed capital already. Partners are evaluating further opportunities to co-invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad.
