Shriram Properties (SPL) has acquired 100% of development rights in an ongoing project in Chennai, through its wholly-owned subsidiary, Shrivision Elevations. The deal is valued at Rs 185 crore, informed M Murali, chairman & managing director of the company.
The company has decided on the acquisition of development rights in phase-2 & 3 of the project with a saleable area of 1.9 million sq. ft. The project has a revenue potential of around Rs 1,200 crore in the next five years.
The project, named ‘Divine City’, is an approved residential development with an aggregate saleable area of 3.2 million sq .ft., to be developed in three phases. The first phase with a 1.3 million sq. ft. area was already launched by the erstwhile owners under the brand ‘Shriram Divine City’, with SPL as the development manager.