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Shriram Properties to infuse Rs 15,000 cr in real estate projects

Monday, 27 Mar 2017
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Real estate developer, Shriram Properties will make an invest of Rs 15,000 crore in reality projects.

The reality developer will make the investment over the next seven to eight years, across six major cities in the country, for the development of about 30 ongoing projects, largely residential.

The company will focus on affordable housing after the government's decision to grant infrastructure status to its segment, as well as provide other tax sops and interest subvention to residential buyers and builders.

The company is presently developing 25-30 projects on 60 million sq ft area in Chennai, Hyderabad, Bengaluru, Visakhapatnam, Coimbatore and Kolkata. Of the total, around 18 million sq ft is under construction and work on the remaining will start in phases.

The investment will be met through internal accruals and bank loans. The reality developer has a land bank of 1,200 acre for future development.

The company is also planning to enter the Mumbai property market in FY 2018, where its focus will be on mid-market and affordable housing and a little bit of luxury.

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