Real Estate in Bangalore: Shriram Properties Purchases Suvilas Realities

This is a positive news on the Bangalore real estate front that Shriram Properties has purchased all of Suvilas Realities' shares via its wholly-owned subsidiary, Shriprop Builders.

As a matter of fact, on 6.9 acres of land in Jalahalli, Bengaluru, Suvilas Realities is developing the Shriram Suvilas Palms residential development with a total size of 0.65 million square feet.

Existing promoters desired quick monetisation of the project, which was being built under a development management agreement with Shriram Properties. SPL saw the opportunity afforded by the site's location and significant potential and acquired the property via the acquisition of a company.

The project has a potential revenue of about Rs 400 crore and a total saleable area of 0.65 million square feet.

In a separate transaction, Shriram Properties acquired from Suvilas the Shriram Suvilas Garden of Joy, which comprises of 152 units with a total saleable area of about 200,000 square feet and is being built on a 2-acre parcel of land in Jalahalli.

Additionally, Garden of Joy was overseen by a development management agreement; however, Shriram Properties recently acquired the land under a joint development arrangement.

SPL plans to re-launch both projects under a new name during the third quarter of fiscal year 23 and anticipates that it will be one of the largest developments in West Bengaluru, offering 2, 2.5, and 3 bedroom choices.

Murali M., the chief executive officer of Shriram Properties, said that the acquisition was accretive to their shareholders' value, and they would continue to focus on fast releasing value and they would also continue to prioritise speedy execution and on-time delivery of high-quality projects to their customers, which will be made possible by the acquisition.