Japan’s world-famous Mitsubishi Corporation debuts in the Indian real estate sector as the company invested in one of the largest residential projects in Chennai. This Japan-based company signed a whopping deal of Rs. 180 crores, with the Shriram Properties and signed the agreement of partnership in Shriram Park 63 project in the city.
This international brand made entry in the real estate business as they partnered with Shriram properties who are already the first-ever realty partners with companies like TPG, Tata Capital, Walton Street Capital and Starwood Capital. With an investment of Rs.180 crores the Mitsubishi Corporation now owns 70% stake in Shriram Park 63 which is currently an under construction project.
This residential project is planned to be developed at a prime location of GST Road in Chennai and comprises of more than 1,450 residential units and 2 million square feet of saleable area. The Shriram group has already sold 25% of the project under pre-sale and estimates to earn revenue of more than 1,000 crores INR in the next couple of years.
Shriram Properties said that with the change in industry landscape and smart growth opportunities we both companies should work collectively towards building sustainable properties.
Kentaro Koga, General Manager, India / Myanmar, Real Estate Business, Mitsubishi and CEO of its investment arm, DRI India Co Ltd, said “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. We are looking forward to working with such a credible partner in an important sector in India.”