The well-known realtor, Shriram Properties went into an agreement with Mitsubishi Corp and LIC Housing Finance to collect nearly Rs. 1,700 crore in the past one year. This raised money will be used to develop a realty project south India.
Other than firms, ASK Fund Advisors and Kotak India Affordable Housing Fund-I also showed their commitment to make investment in Shriram Properties as and when required, the sources said.
Murali M, CMD, Shriram Properties informed that all the raised money will be invested various projects that fall under affordable and mid-income range despite the fact that they are launched or an under construction.
The realtor also said that they acquired stressed residential assets in the south has a total area of 14 mn sq.ft. of residential assets. Edelweiss Group’s NBFC arm also acquitted in one of these projects said sources.
CMD, Shriram properties also said that they is an opportunity to grow at a fast pace as the market offers multiple deals.
The Shriram Properties has a total 54.87 million sft in all 31 projects that might be under construction or in the pipeline.
The company is also planning to raise nearly Rs. 1,000 crore via IPO and also gave exit to the Motilal Oswal Real Estate Fund and to the Amplus Realty fund recently.