Shriram Properties Sells Land in Chennai for Growth

New Delhi, Dec 30 (PTI) Realty firm Shriram Properties Ltd on Monday said it has sold 3.9 acre land in Chennai as part of its strategy to monetise non-core assets.

In a regulatory filing, the company said it has sold the land to a large healthcare and educational group in South India.

Shriram Properties Ltd (SPL) did not give the deal value and name of the buyer.

The company, through its wholly-owned subsidiary SPL Shelters Pvt Ltd, owned a 3.9 acre land and approved for the development of retail space.

"However, given the company's predominant focus on residential real estate development activities, SPL (Shriram Properties) has decided to monetise the land through divestment of its equity holding in the wholly owned subsidiary."

Murali M, Chairman and Managing Director of SPL, said: "This transaction marks a significant step in the company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs."

The move reinforces its commitment to prudent financial management, allowing the company to focus on accelerating growth in the residential projects, he said.