Shriram Properties, a Chennai-based real estate developer, is ambitiously planning to invest approximately Rs 15,000 crore in the next 7-8 years to establish as well as develop a total of 30 ongoing projects including residential across six major cities.
The investment will be supported through internal accruals and bank loans. In fact, the subsidiary of Shriram Group has raised about $460 million from investors at entity level as well as projects level. Walton street, Starwood capital, TPG Capital, Tata Opportunities Fund, HYPO, Sun Apollo, ASK, Motilal Oswal, Amplu and ICICI Prudential are some of the potential investors the company has in its list.
“We have completed and delivered about 15 million sq ft and are currently developing 25-30 projects comprising 60 million sq ft area in Chennai, Bengaluru, Hyderabad, Vizag, Coimbatore and Kolkata,” says M Murali, Managing Director, Shriram Properties.
Moreover, the company is keen to enter into affordable housing segments after the government’s decision to accord infrastructure status. As the centre is providing other tax sops and interest subsidies to the home buyers, the demand for affordable housing would be increased undoubtedly. Shriram Properties sees an ample opportunity to grow.
Source: ET Realty