Shriram Properties, ASK Property Fund to jointly invest Rs 206 crore in Chennai project

Realty firm Shriram Properties Ltd (SPL) and ASK Property Fund on Wednesday announced a joint investment of Rs 206 crore in a residential project in Chennai.

The joint investment is "towards 100 per cent of development rights in an ongoing project in Chennai, through SPL's wholly owned subsidiary Shrivision Elevations Pvt Ltd."

The project acquisition formalities were completed and are being launched as "Shriram 122 West" shortly.

With a total saleable area of 1.9 million square feet spread across two phases, the project has an aggregate revenue potential of Rs 1,200 crore in the next 5 years.

The project comprises of around 1,900 residential units, predominantly targeting the mid-income group.