Shriram Properties to focus on Tier II cites in AP

The company plans to invest over Rs 2,000 cr in the next 4-5 years

Shriram Properties Limited is focusing on Tier II cities of Andhra Pradesh to develop residential complexes, mainly targeting the above middle-class section. The company plans to invest over Rs 2,000 crore in the next 4-5 years in these projects.

"We have decided to develop residential complexes in Tier II cities like Rajahmundry, Vijayawada, Nellore, Guntur and Tirupati. The company has already identified the site at Rajahmundry and work would start soon while in other areas we are looking for land," R Balaji, vice president and chief marketing officer, Shriram Properties, told Business Standard.

The Bangalore-based company is developing an integrated township at Yendada near Visakhapatnam. The project is coming up on about 63 acres with a total cost of Rs 1,100 crore. The township comprises 1,100 flats and 220 luxury villas priced between Rs 1.5 crore and Rs 3 crore.

In the first phase, the company would construct 376 flats to be delivered to customers by July this year. The remaining are under construction and the entire project would be ready by 2016, he added.

In Hyderabad, the company owns 25 acres of land, and would construct nearly 1,000 apartments there. Work on the project would commence in 2-3 months, he said.