Motilal Oswal Real Estate Fund invests with Shriram Properties in Bangalore

The investment is at SPV level for the development of a mid income residential project located off Old Madras Road in Bangalore. 

 

The project is spread across 19.5 acres with total development potential of approx. 2 million sq. ft. The project was launched recently and has witnessed a good response.

 

Sharad Mittal, Director and Head, Motilal Oswal Real Estate said “We are pleased to partner with Shriram Properties, one of the leading developers in South India and look forward to a long term association with the Company. We are positive on Bangalore residential real estate market, particularly mid-income housing segment, due to the sustained absorption level backed by affordable prices and expansion of IT/ITeS sector.”

 

Speaking on the occasion, M. Murali, Managing Director of Shriram Properties Private Limited said, "The project under reference is a joint venture development of Shriram Properties with  Garden city Reality Private Limited. This investment by Motilal Oswal Real Estate Fund is yet another testimony to Shriram Properties’ focus on good governance, transparency and commitment to the customers. We value the investment from Motilal Oswal Real Estate Fund which has enabled us to unlock the land bank potential and will not only strengthen us financially but also provide us a spring-board to launch into the next cycle of our growth. Our partnership with the Motilal Oswal Real Estate adds to the company’s brand and track-record of having high quality partners and positions Shriram Properties favourably for an IPO in the near future.”