Shriram Properties, the property development arm of Shriram Group, today launched their mega project comprising over 7,000 homes across four major cities of Bangalore, Chennai, Vishakhapatnam and Kolkata, in the first phase.
Announcing the launch here, managing director, Shriram Properties M Murali told reporters four projects comprising about 3,000 homes are being developed in Bangalore; off Kanakapura Road, at Yelahanka, Jalahalli and Athibele Sarajapur road respectively.
While the Chennai project comprises 1640 homes, the Vishakhapatnam and Kolkata projects have 1632 and 1080 homes respectively, ranging in size from 600 square feet to 1,200 square feet, he said.
The prices of the homes across the cities range from Rs9 lakh to Rs30 lakh. Most homes however are in the Rs15-22 lakh price range.
The properties, Murali said, are located within easy access to daily conveniences and transportation. In keeping with the needs of families Shriram has tied up with Carrer Launcher, a Mumbai-based pan India school chain to provide educational opportunities. "The two projects in Bangalore, Shriram Surabhi off Kanakapura Road and Shriram Smriti on Athibele Sarjapur road are being built at convenient locations which are traffic-free zones yet close to city hubs. These will offeraffordable community living with amenities like swimming pool, jogging tracks, multipurpose community hall, children's play area and gym", Murali said.
"The mega project involving a total investment of Rs1,500 crore out which Rs850 crore has already been invested, will be completed in about 24-20 months as we have all the approvals in place to commence construction, he said.
Responding to a query, Murali said Shriram Properties had received Foreign Direct Investments to the tune of Rs100 crore as a single entity in the last three years, out of which Rs850 crore had been invested. The firm has US/UK majors like Walton Street Capital, Starwood Capital Group & Sun Apollo as their JV partners.
Shriram Properties had already delivered over 5.2 million square feet of built up residential and office spaces with 68 million square feet under development.
"We are looking at developing commercial space in Bangalore, Hyderabad and Kolkata which will require an investment of Rs800-900 crore", Murali said, adding the firm had already acquired land in Kolkata.
On the impact of slowdown on realty, he said "there was never a recession actually, there was never a dearth of genuine demand. It is the developers who moved away from the genuine demand and offered high-end products at high-end prices and also middle income products at high-end prices. They are coming back to the demand. Reasonable and affordable pricing is the USP now".
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