Shriram Properties ties up with Australian company

Bangalore, July 19 (UNI) Shriram Properties Limited, a part of the US Dollar 4.2 billion Shriram Group, today signed a 50:50 joint venture with Australian Predentia Investments to set up novel leisure lifestyle township community projects in India.

Talking to newspersons here, Shriram Properties Managing Director M Murali said the new initiative was aimed at providing leisure lifestyle for a new India brimming with sound economy. The two firms would initially invest US Dollars 100 million towards development of these projects. To start with, three projects each in Chennai and Bangalore would be taken up. Land acquisition for the projects near the international airport and southern part of Bangalore and East Coast Road in Chennai had begun and the project would be completed in three years, he added.

He said these projects would showcase state-of-the-art infrastructural facilities such as five star hotel, club house, restaurants, spas, business centres and residential villas.

Initially, eight major cities across the country, including Kolkata, would be targetted. Tier-II cities such as Mysore would be taken up at a later stage, he added.

Mr Murali said the novel concept was aimed at top executives. In Bangalore alone, there were over 12,000 highly paid top executives, he pointed out.

He said Shriram Properties had completed projects measuring about four million sqft and was completing nearly 14 million sqft area in various projects in South India. The real estate sector was expected to grow significantly in the country and was likely to cross US Dollar one billion by 2009 from the present 12 million dollar.

Prudentia Investments Managing Director Angus Reed said his company intended to develop properties to suit world class standards, integrating best practices in sustainable development such as solar energy systems and advanced gray water recycling in dwelling areas.

UNI SR GD RKN191