May 24, 2023: South India-based real estate developer Shriram Properties, through its wholly owned subsidiary Shrivision Elevations, has acquired 100% development rights for the Divine City project in Chennai.
To be developed in three phases, the project has a total saleable area of 3.2 million square foot (msf). The first phase with 1.3 msf area was already launched by the erstwhile owners under the brand Shriram Divine City, with Shriram Properties as the Development Manager. The project was launched pre-covid and 60% of Phase-1 was sold. The remaining two phases totalling to 1.9 msf are yet to be launched, for which the company has decided on the acquisition of development rights.
The project has revenue potential of around Rs 1,200 crore in the next five years, the company said in a statement.
M Murali, CMD, Shriram Properties, said, “The acquisition is value accretive and will help us leverage the strong position in the micro market. Also, the acquisition will allow us to have full control of the remaining phases of the project and unlock better value.”
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