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Shriram Properties Limited, in collaboration with ASK Property Fund, has revealed a joint investment of Rs. 206 crores for full development rights in an ongoing housing project in Chennai. Through Shriram's subsidiary, Shrivision Elevations Private Limited, the acquisition has been formalized and will be launched as "Shriram 122 West."
Positioned in Mangadu, near the Porur-Manapakkam IT cluster and the upcoming metro corridor, the project holds strategic advantages. Encompassing a total saleable area of 1.9 million square feet over two phases, it has an estimated revenue potential of Rs. 1,200 crores within the next five years. The project features 1,900 residential units predominantly for the mid-income group.
Shriram and ASK are co-investing Rs. 206 crores for the acquisition, with the project's working capital requirements being fulfilled separately. This investment originates from the ASK Real Estate Special Opportunities Fund IV. The venture marks the second joint investment from the co-investment platform established by ASK and Shriram in November 2022. This platform, with a collective capital commitment of Rs. 500 crores, has already shown its potential with its first investment, Shriram Pristine Estates, a premium plotted development that has exceeded volume and pricing expectations since its launch in February 2023. Together, the platform has already utilized 60% of its committed capital. Partners are actively exploring further investment opportunities in plotted and residential development projects across Bengaluru, Chennai, and Hyderabad.
This strategic alliance between Shriram Properties and ASK Property Fund underscores their commitment to leveraging their expertise and resources for the successful execution of housing projects. The partnership not only enriches their respective portfolios but also contributes to the robust development of the real estate sector in Chennai. With the demand for quality residential spaces on the rise, such initiatives are poised to create enduring value for both developers and homebuyers alike.
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