Bengaluru-based real estate firm Shriram Properties has acquired 100 percent equity of Suvilas Realities Private Limited, through its wholly-owned subsidiary Shriprop Builders Private Limited.
The acquisition has helped the company to secure two delayed projects in Bengaluru and will allow Shriram Properties to develop 0.65 million square feet (msf) with potential revenue of Rs 400 crore. The company plans to re-launch both projects in the third quarter of FY2023.
Shriram properties, along with Suvilas Realities, is currently developing 0.65 msf of a residential project on 6.9 acres of land at Jalahalli, Bengaluru, under the brand name Shriram Suvilas Palms. The project has a revenue potential of over Rs 400 crore.
In another independent transaction, Shriram Properties acquired another delayed project, under the brand name of Shriram Suvilas Garden through a joint development agreement. The project comprises 152 units with an aggregate saleable area of about 0.2 msf. The project is developed on a 2-acre land parcel located in Jalahalli.Murali M, chief managing director (CMD), Shriram Properties said, “The acquisition will help us in gaining full control of both projects and we will remain focused on accelerated execution and timely delivery of quality projects to our customers.”