Shriram Properties (SPL) has acquired 100% development rights in an ongoing project at Chennai, through its wholly owned subsidiary, Shrivision Elevations. The Project, named ‘Divine City’, is an approved residential development with aggregate saleable area of 3.2 msf, to be developed in 3 phases. The first phase with 1.3 msf area was already launched by the erstwhile owners under the brand ‘Shriram Divine City’, with SPL as the Development Manager (DM).
The project was launched pre-covid and received good response with around 60% of Phase-1 sold within a short period of time. The remaining two phases (1.9 msf area) is yet to be launched. Given the change in partner’s market strategy, the erstwhile owners have decided to monetise their development rights in the remaining phases of the project, with 1.9 msf of saleable area. The Chennai market is a big continuing growth opportunity for SPL, given its strong market positioning andpositive demand trends. SPL is among top 5 developers in Chennai and has strong volume trends in recent years.
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.
| Company Name | CMP |
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| Dilip Buildcon | 457.55 |
| DLF | 601.80 |
| Oberoi Realty | 1710.00 |
| Ahluwalia Contract(I | 832.90 |
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