Prince Foundation starts its new project at Hotel Dasaprakash

SOURCE:IINS:

The Division Bench of the Madras High Court comprising of Justice D. Murugesan and Justice S. Rajendran on 14-12-2010 directed that the property at Poonamallee High road admeasuring 32 grounds and 541 Sq.ft and staff quarters of Hotel Dasaprakash admeasuring 4 grounds and 890 Sq.ft, in all totaling to an extent of 36 ground & 1431 Sq.ft be sold to Prince Foundations Ltd, for Rs. 165 Crores and directed Prince Foundations Ltd to pay a sum of Rs. 20 Crores on or before 20-12-2010. Ashwin Kumar Kamdar, Chairman & Managing Director of Prince Foundations Ltd has confirmed that the sum of Rs. 20 Crores as directed by the Hon’ble High Court has been paid on 20-12-2010 by way of demand drafts in favour of the Registrar General, High Court, Madras. He further stated that an affidavit also has been filed in the High Court undertaking to pay the balance amount in terms of Prince Foundations Ltd’s offer letter dated 27-11-2010.  Prince Foundations is to develop Luxurious Multi Storied Residential project consisting of 2 high rise towers with approximately 150 apartments. The size range would be approx. 1750 Sq.ft – 1950 Sq.ft for a 3 BHK & 2200 Sq.ft – 2500 Sq.ft for a 4 BHK apartment with all modern lifestyle amenities within the project.  The total built up area of the project would be around 3 lakhs Sq.ft and the total project cost would be Rs. 300 Crores inclusive of land cost. Prince Foundations Ltd is currently developing 18.85 lakhs Sq.ft spread across 3 projects of which 2 are residential projects namely Prince Village at Tondiarpet & Prince Residenzia, at Sriperumbudur and an IT Park namely Prince Infocity II.

TPG Capital Invests $100M In Shriram Properties

Source :vccircle:June 08, 2011, 06:23 PM IST

Private equity major TPG Capital is taking 15% stake for $100 million (Rs 450 crore) in Bangalore-based real estate developer Shriram Properties, the realty arm of Shriram Group, South India's diversified business group. The deal would value Shriram Properties at over $650 million or nearly Rs 3,000 crore, according to various newsreports.

VCCircle had first reported last year (See Our Earlier Report) that Shriram Properties was close to clinching a $100 million investment from TPG Capital. Shriram Properties is expected to use the funding to foray into hospitality and IT Parks, besides expanding its base in the residential space. The funding is also expected to be used for inorganic expansion opportunities.

TPG Capital already has an exposure to the group with investments in Shriram Retail Holdings and Shriram City Union Finance. TPG also partnered with Shriram Group to buy debt-ridden Vishal Retail earlier this year.

Shriram Properties -- which has raised funding from Walton Street Capital, Starwood Capital and Sun Apollo at project levels in the past -- has projects under development in cities like Bangalore, Chennai, Vishakhapatnam and Kolkata. Shriram Properties has completed 4.23 million sq. ft. of residential space and 1.03 million sq. ft. of commercial space, in addition to 67 million sq. ft. of built-up area currently under various stages of development.

The firm forayed into mid-income housing last year and also raised Rs 40 crore from ICICI Prudential Asset Management Company Limited and India Opportunities Real Estate Fund (Mauritius) for its 16-acre residential project in Yelahanka, the northern suburb of Bangalore, at the SPV level.