Shriram Properties (SPL) has sold around 3.9 acre land parcel in Chennai to a large healthcare and educational group in South India. The Company, through its wholly-owned subsidiary - SPL Shelters - owned an around 3.9 acre land, currently approved for the development of a retail space.
The land parcel is strategically located on the GST Road and adjacent to a 4.0 million square feet (msf) office complex that is already fully operational and an around 2.0 msf residential complex (called Shriram Park 63), offering significant potential for retail / other commercial development. However, given the Company’s predominant focus on residential real estate development activities, SPL has decided to monetize the land through divestment of its equity holding in the wholly owned subsidiary.
The value unlocking from its non-core land parcel is an integral part of SPL’s guided strategy of staying focused on residential development, with greater emphasis on mid and mid-premium segments and use of monetization proceeds for fueling growth in the coming 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.
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