Shriram Properties buys Bengaluru real estate developer Suvilas Realities

Indian real estate development company Shriram Properties, through its fully-owned subsidiary Shriprop Builders, has acquired Bengaluru real estate developer Suvilas Realities.

As part of the transaction, Shriram Properties will assume the ownership of an ongoing residential project Shriram Suvilas Palms situated at Jalahalli, Bengaluru.

Shriram Suvilas Palms, being developed on a 6.9- acre land, is said to have an aggregate saleable area of 0.65 million square feet (msf) and a revenue potential of more than INR 400 crores.

In a separate deal, Shriram Properties has acquired another project in Bengaluru, Shriram Suvilas Garden of Joy, from Suvilas Realities.

Being developed on a two-acre land at Jalahalli, Garden of Joy includes 152 units and has an aggregate saleable area of around 0.2 msf.

Murali M – Shriram Properties CMD said: “The acquisition is value accretive for our stakeholders and will remain focused on unlocking value expeditiously.

“The acquisition will help us in gaining full control of both projects and we will remain focused on accelerated execution and timely delivery of quality projects to our customers.”

Shriram Suvilas Palms was secured through the company acquisition, as the project was being developed under the development management arrangement with Shriram Properties.

Though Garden of Joy project too was under the development management arrangement, Shriram Properties has purchased the project pursuant to a joint development agreement.

Shriram Properties is now planning to launch both the residential projects again under a new identity during the third quarter of the financial year 2023.

The residential projects with 2-, 2.5- and 3-bedroom offerings are anticipated to be one of the largest developments in West Bengaluru.