๐ Tender Overview
Scope : To Develop Residential Project 'Divine City' in Chennai, Tamil Nadu
Shriram Properties (SPL) has acquired 100 percent development rights for phase-II and III of an ongoing residential project in Chennai, through its wholly-owned subsidiary, Shrivision Elevations.
The deal for the saleable area of 1.9 million sq. ft. is valued at Rs 185 crore, with a revenue potential of around Rs 1,200 crore in the next five years. The project, named 'Divine City', will be developed in three phases, and has an aggregate saleable area of 3.2 million sq. ft. The first phase with 1.3 million sq. ft. area was already launched by the former owners under the brand 'Shriram Divine City', with SPL as the development manager.
The erstwhile owners have decided to monetise their development rights in the other phases of the project. Further on, the company proposes to re-launch the project under a new identity during the first half of FY24.
SPL will execute the remaining phase and expects to unlock better value at an accelerated pace.
