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Mitsubishi teams up with Shriram Properties in maiden Indian real estate foray

Mitsubishi Corp., in its first foray in India's real estate sector, is investing 1.80 billion rupees in a joint residential project in Chennai, India, with local developer Shriram Properties Pvt. Ltd., The Economic Times of India reported.

Through the investment, the Japanese conglomerate will take up 70% of the Shriram Park 63 project. It has the potential to deliver 10.00 billion rupees in revenue within the next three to four years, according to the paper.

Over 25% of the project, which is planned to feature more than 1,450 residential units and 2 million square feet of salable area, has been pre-sold, Shriram was cited in the Sept. 6 report as saying.

For the local builder, the Mitsubishi tie-up is an extension of a strategy that is aimed at capitalizing on the strengths of both partners to achieve superior value, the publication added.

As of Sept. 6, US$1 was equivalent to 72.02 Indian rupees.