South India’s leading developer Shriram Properties has recently announced to develop Phase-2 of their affordable housing project- Shriram Grand 2, situated in Uttarpara in Kolkata. The affordable housing project will be developed in partnership with Kotak India Affordable Housing Fund-I (“KIAHF”).
Shriram Grand-2 will be a part of the Shriram group’s ambitious project ‘Shriram Grand City’; an integrated city spread over 33 million sqft in Kolkata. According to company sources, KIAHF will capitalize Rs400 mn towards 50% economic interest in the proposed development of the affordable housing project.
Talking about the project, Shriram Grand-2 will be offering 3000 affordable units which are spread over an area of 2.1 million sqft. The units are available in various size and configuration and will be equipped with all the modern and basic amenities and facilities.
Shriram Grand-1 is already in construction mode and will be offering 2300 spacious 1, 2 and 3 BHK residences with global living standards. The residential units are surrounded with wide roads, robust infrastructure, ample greenery, finest of education centers, healthcare facilities, and multiple entertainment and recreation centers.
Speaking at the launch of the project, Mr. M. Murali, Chairman, and Managing Director, Shriram Properties Limited said, “Shriram Grand-2 is a dream project for the whole company. In recent times, when affordable housing is gaining so much of popularity, this project will surely attract the homebuyers of Kolkata who are looking for budget-friendly investment.”
He further said that we are thankful to KIAHF who have shown interest to partner with us. We are looking forward to taking this partnership to the next level and influence each other’s strengths in making Shriram Grand 2 a big success.
Elaborating on the partnership, Mr. S. Sriniwasan, Managing Director & CEO, Kotak Investment Advisors Limited (KIAL) informed, “This investment is in alignment with our strategy of affordable housing fund with CDC Group, to invest in affordable housing projects with a developer of repute and proven capabilities.”
Managed by Kotak Investment Advisors Limited and has CDC Group, KIAHF is a financial institution owned by the UK government.