Mitsubishi to invest in Chennai residential project

South India based developer Shriram Properties has joined hands with the investment arm of Japanese conglomerate Mitsubishi Corporation for an ongoing residential project in Chennai. The deal marks Mitsubishi's entry into the Indian real estate sector. As per the agreement announced by the two companies, the Mitsubishi arm is investing around Rs 180 crore (around $25 million) for a 70 per cent stake in Shriram Park 63. The residential project is being developed on a land parcel at GST Road in Chennai and has a saleable area of 2 million sq ft. Shriram Properties claims that the project has pre-sales of more than 25 per cent for the 1,450 units with a revenue potential of more than Rs 1,000 crore (around $139 million) in the next three to four years. M. Murali, Managing Director, Shriram Properties, said: “Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties' projects.” In the past, Shriram Properties has struck partnerships with several marquee investors including Sun Apollo, Hypobank, Xander, Amplus Realty, ICICI Prudential, Motilal Oswal and ASK Property Investment, among others.