SHRIRAM PROPERTIES, ASK PROPERTY FUND INVEST RS 206 CR

Shriram Properties and ASK Property Fund have announced a joint investment of Rs. 206 crores towards 100% of development rights in an ongoing project in Chennai. This was done through SPL's wholly-owned subsidiary, Shrivision Elevations. The project acquisition formalities were completed and will be launched as 'Shriram 122 West' shortly.

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The project is in Mangadu, in close proximity to the Porur-Manapakkam IT cluster and the upcoming metro corridor. With a total saleable area of 1.9 million square feet spread across two phases, it has an aggregate revenue potential of Rs 1,200 crores in the next five years. The project comprises