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Shares of Shriram Properties, a Shriram Group company, have rocketed on Wednesday. The company’s shares have seen a stormy rise. Shares of Sriram Properties rose nearly 9% to Rs. 86.99 has happened. The share of the company has jumped after the joint investment announcement. Shares of Sriram Properties touched a 52-week high of Rs. is 94.10. At the same time, the company’s shares hit a 52-week low of Rs 53.25.
206 crore investment announced for realty projects
Shriram Properties and ASK Properties Fund for 100% development rights for a project in Chennai for Rs. 206 crore joint investment has been announced. The investment will be made by Sreevision Elevations, a wholly owned subsidiary of Sriram Properties. Project acquisition formalities have been completed. The project is located in Mangadu and is close to the Porur-Mannapakkam IT cluster and metro corridor.
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About Rs. 1200 crore revenue is expected
The realty project has a total salable area of 1.9 million square feet, spread over two phases. From this project, in the next five years, about Rs. 1,200 crore revenue is expected. This realty project has 1900 residential units. The company will target the mid-income group in the project. Shriram Properties and ASK Property Fund have invested Rs. A combined investment of 206 crores has been made. The working capital requirements of the project will be met separately.
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Disclaimer: The information provided here is only about stock performance and does not constitute investment advice. Investing in the stock market is subject to risk and you should consult your advisor before investing.