Shriram Properties said it plans to develop a premium residential complex with row houses or villas on the land, and the project is set to have a gross development value (GDV) of Rs 200-250 crore.
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According to the exemption order, the acquisition would not cause any change in control of the target company
Shriram Properties aims to launch the project in the second half of FY25. It boasts a robust pipeline of 42 projects, including 26 ongoing projects with 24.3 million sq ft of saleable area.
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The company hinted at a changing focus of the company's affordable housing segment with a renewed approach to mid-segment housing.
Its net profit stood at Rs 16.62 crore in the year-ago period.
Total income rose to Rs 358.37 crore in the fourth quarter of the last fiscal from Rs 170.98 crore in the March quarter of FY23.
In a regulatory filing on Tuesday, the company informed that it has signed a Joint Development Agreement (JDA) for the development of a prime 4-acre land parcel located at Yelahanka in Bengaluru.
The proposed project will comprise of 270 apartments with an aggregate saleable area of 3.8 lakh sq ft
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The US-based private equity firm TPG Asia SF V Pte Ltd has sold 1,67,56,351 equity shares in the real estate developer Shriram Properties at an average price of Rs 113.4 per share.