Shriram Properties acquired major lands in Bangalore
Shriram Properties acquired 50 percent stakes of Unitech in a marquee development in Bangalore. Recently, Tata Capital also picked up 15 percent stakes in Shriram Properties which amounts up to Rs 470 crore. Shriram Properties is a real estate subordinate of Shriram Group.
If sources are to be believed, Shriram Properties Reviews the 56-acre plot in suburbs of Bangalore and also acquired the same for Rs 155 crore, besides Old Madras Road. The Bangalore-based real estate leader also acquired the 19.5-acre plot in Coimbatore, which will be jointly built with the owner’s support.
Sources briefed on the matter that Shriram Properties, a real estate pioneer paid Rs 75 crore to get joint ownership of a 5-acre Unitech plot, located in Bangalore’s tony address of JP Nagar. Unitech owned the property jointly with family members of the MS Ramaiah Group, who remain invested.
MJ Shantharaam, son of MR Jayaram, chairman of the MS Ramaiah Institutions, and Shriram Properties are planning to develop a high-end 350-unit residential project.
The units are expected to be priced at Rs 7,000 per sqft, marking Shriram’s growing interest in operating in the luxury-end of the market after having focused on mid-market housing projects.
NCR-based Unitech’s exit is part of a larger land monetization strategy, as the company looks to pare its net debt of Rs 6,316 crore. Unitech has one remaining land holding in Bangalore, after having sold a couple of its land parcels in Bangalore and Mysore earlier this year.
Shriram Properties has delivered over 10 million sqft of residential spaces across Bangalore, Chennai, Visakhapatnam, Coimbatore, Hyderabad and Kolkata, and has cash reserves in excess of Rs 400 crore.