Shriram Prudential, the 50:50 joint venture of Shriram Properties and Prudential Investments, an Australian property development company, plans to launch premium `Leisure Lifestyle Township projects in the country. The company would invest $100 million in the development of the projects.
The company has identified Chennai and Bangalore for the first projects, where it would be acquiring 300-500 acres. The two community centres projects, each estimated to cost Rs 1,200 crore, are expected to come up near the new international airport at Devanahalli in Bangalore while the Chennai project is being planned off East Coast Road.
The company has already delivered four million sq ft of property so far and is currently implementing 14 million sq ft. It plans to fund the current works from internal accruals and the Groups contributions. Shriram Properties, which has projects worth $1.2 billion, is also planning an IPO.
Shriram Properties earned revenues of Rs 120 crore last year and clocked net profit of Rs 23 crore. The company is awaiting final guidelines being worked out by the SEBI for the proposed realty fund to be created by the industry. Until the guidelines are announced, the company would not be able to finalise the corpus or the real size of the fund to be set up by it.
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| Posted : 7/20/2006 |
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