Shriram Properties Acquires a Planned Development Project in Dodballapur, North Bangalore From lIFL For INR 125 Cr

Bengaluru:

IIFL sold a distressed planned development project to Shriram Properties for around INR 125 crore.It is the first transaction made under the newly established co-investment platform between the firm and the ASK Property Fund.

The deal comprises the purchase and development of Golden Ira, a planned development project of the Golden Gates Group that was formerly held by several loan companies of the IIFL Group.

Shriram Properties bought the project from IIFL Group businesses via its wholly-owned subsidiary, Shriram Properties Housing Projects Private Ltd.

In recent months, according to Murali M, CMD of Shriram Properties, this is yet another instance of a successful purchase of a distressed asset by Shriram Properties. This acquisition, he believes, will boost their launch pipeline for FY23, and they will concentrate on unlocking value via expedited execution and on-time delivery.

Golden Ira is an authorised planned development project in Dodballapur, North Bangalore, with an anticipated total saleable area of 10 lac square feet.

The project has received all essential clearances and infrastructure construction has been largely finished.