Shriram Properties looking at stressed assets in real estate

Bengaluru-based Shriram Properties is looking at stressed assets in the real estate sector as part of its growth plans, besides interests in affordable and mid-housing projects, a company official said.

The company was in the process of setting up an integrated township project--Shriram Grand City--near the metropolis on 314 acres of land, which belonged to the now-closed Hindustan Motors at Uttarpara in Hooghly district.

MD of Shriram Properties M Murali today said the company was eager for buy-out of stressed assets in real estate, especially in the southern states of India. Shriram Grand City, which would have 25,000 units upon completion of the entire project, is the largest project of the company in a single location.

He said that 1,200 units out of a total of 2,348 had been sold out in the first phase, to be built at a cost of Rs 650 crore.

Shriram has also tied up for a school project with Sri Sri Academy inside the township.