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Shriram Properties acquires ‘Golden Ira’ project in Bengaluru

#Taxation & Finance News
Last Updated : 19th Dec, 2022
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Synopsis

‘Golden Ira’ a plotted development project belonging to Golden Gates Group and IIFL Group in Bengaluru has been acquired by Shriram Properties. The project's acquisition and development will require capital contributions of up to Rs 125 crores as part of the transaction. The company is gearing up to re-launch the Project under the name ‘Shriram Pristine Estates.’ This will be the first investment under the recently concluded co-investment platform set up jointly between SPL and the ASK Property Fund.

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‘Golden Ira’ a plotted development project belonging to Golden Gates Group and IIFL Group in Bengaluru has been acquired by Shriram Properties. The project had been stalled for several months due to multiple issues and had been branded stressed. The project's acquisition and development will require capital contributions of up to Rs 125 crores as part of the transaction.




Golden Ira is an authorised plotted development project with a total saleable area of about 10 lakh square feet (‘Project’) that is situated in Dodballapur in North Bangalore. The Project already has the required approvals in place, and infrastructure work is also halfway finished.



SPL purchased the Project from IIFL Group businesses through SPL Housing Projects Private Limited, a fully owned subsidiary of the Company. SPL saw the chance to provide value for its stakeholders given the location and tremendous potential and is preparing to launch the Project soon under the name ‘Shriram Pristine Estates.’



Shriram Pristine Estates will also be the first investment under the recently concluded co-investment platform set up jointly between SPL and the ASK Property Fund. Partners have agreed to co-invest up to Rs. 500 crores through the platform and they want to do so in land and residential development projects in Bengaluru, Chennai, and Hyderabad.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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