News
Shriram Prop acquires Suvilas Realties
Bengaluru, November 25, 2022: Shriram Properties Limited (“SPL”), has announced successful completion of the acquisition of 100% of equity in Suvilas Realities Private Limited today, through its wholly owned subsidiary, Shriprop Builders Private Limited.
Suvilas Realities is currently developing a 0.65 million square feet (“msf”) residential project on a 6.9 acres land located at Jalahalli, Bengaluru, under the brand name “Shriram Suvilas Palms” (“Project”). The Project was being developed under the development management arrangement with Shriram Properties and the existing promoters desired to monetise at the early stage. SPL saw the opportunity given the location and the significant potential and secured the project through the company acquisition.
The Project has an aggregate saleable area of 0.65 msf and revenue potential of over Rs.400 crores.
A press release by the company company further adds that, in an independent transaction, Shriram Properties has acquired another project from Suvilas, namely the Shriram Suvilas Garden of Joy, which comprises of 152 units with aggregate saleable area of aprpox 0.2 msf and being developed on a 2-acre land parcel located Jalahalli. Garden of Joy too was under the development management arrangement, but Shriram Properties has acquired the project pursuant to a Joint Development Agreement recently.
SPL is now proposing to re-launch both projects under a new identity during Q3-FY23, and expect it to be one of the largest developments in West Bengaluru with 2, 2.5 and 3 bedroom offerings.
Commenting on the development, Murali M, CMD, Shriram Properties said, “The acquisition is value accretive for our stakeholders and will remain focused on unlocking value expeditiously. The acquisition will help us in gaining full control of both projects and we will remain focused on accelerated execution and timely delivery of quality projects to our customers.”
-
News4 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores
-
News4 weeks ago
How Noida-Greater Noida’s Infrastructure is Transforming the Real Estate Landscape?
-
News3 weeks ago
E-Infra, Hero Fincorp Partner To Launch Elegant Nivasa Luxury Apartments
-
News2 weeks ago
Faridabad Emerges as a Prime Real Estate Destination in Delhi-NCR
-
News3 weeks ago
Navigating Water Crisis: Innovations, Sustainability, and Developer Initiatives Leading the Way
-
News3 weeks ago
Tulip Infra Launches Tulip Monsella PhaseII Over Rs 300 Cr in Bookings on Day One
-
News5 days ago
Transparency Essential in realty sector to ensure its unhindered growth: Anand Kumar, Chairman, NCT of Delhi RERA
-
News4 weeks ago
FY25 Residential Demand, Price Growth to Moderate, Segment Bi-polarisation to Undergo Course Correction: Ind-Ra Report