Shriram Properties and investment arm of Mitsubishi Corporation, Japan (Mitsubishi), on Thursday announced their partnership for an ongoing large residential development project in Chennai.
Mitsubishi, which marks its entry into the Indian real estate sector with this tie-up, will invest Rs.180 crores towards 70 percent stake in an ongoing residential project named "Shriram Park 63" in Chennai.
Under the terms of the agreement, the project is being developed on a prime land at GST Road in Chennai, with over 1,450 residential units and two million square feet of saleable area.
"We are pleased to have a global giant like Mitsubishi as our partner and be part of their maiden investment in the residential sector in India. Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties' projects. With positively changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies towards creating sustainable value for stakeholders," said MD Shriram Properties, M Murali.
"We truly feel that Shriram is our best partner for first project in India. Given its strong brand, execution and delivery track record, and focus on customer value, we believe this partnership will support our growth aspirations," said GM, India / Myanmar, Real Estate Business, Mitsubishi and CEO of its investment arm, DRI India Co Ltd, Kentaro Koga. (ANI)