Shriram Properties (SPL) has successfully completed the acquisition of Golden Ira, a plotted development project of the Golden Gates Group that was a stressed asset with lending entities part of the IIFL Group. The transaction involves capital commitments of up to Rs 125 crore towards the acquisition and development of the Project.
Golden Ira is an approved plotted development project located at Dodballapur in North Bangalore, with an aggregate saleable area of approximately 10 lakh square feet (Project). The Project has necessary approvals in place already and also partially completed infrastructure development.
SPL acquired the Project from IIFL Group entities through SPL Housing Projects, a wholly owned subsidiary of the Company. SPL saw the opportunity given the location and significant potential to create value for its stakeholders and is planning to launch the Project under the name ‘Shriram Pristine Estates’ shortly.
Shriram Properties is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories.
