IVR Prime Urban Developers Ltd is a listed property development company in India with a market capitalization in excess of US$ 600 mn. The company has previously developed residential developments and has a land bank of over 1,000 acres for development of residential communities, SEZ’s and commercial developments across India.
IVR Prime is a subsidiary of IVRCL, which is one of the largest listed construction companies in India. IVR Prime as a development company is well placed to capitalize on the group’s construction and execution capabilities.
The said project is located at Sriperumbudur in the periphery of Chennai. The subject project, which is spread across 600 acres, is proposed to be a residential township to be developed in various 2 phases. The township development shall also include commercial and retail facilities along with other social infrastructure such as schools and hospitals. The residential areas would comprise residential apartments and town houses catering predominantly to entry level housing market. KAOIF and Kotak India Realty Fund Limited, Mauritius (“KIRFL”) have both invested in the project in the ratios of their committed AUMs.
The Sriperumbudur area in Chennai has been emerging as an electronic hardware and automotive hub with various global companies setting up their state-of-the-art manufacturing facilities. These include Flextronics, Samsung, Motorola, Nokia, Dell, Foxconn & their vendors from the electronic hardware sector. The various auto companies that already have presence include Hyundai, TVS and Sona Koyo Steering.
Other manufacturing companies such as Saint Gobain and Asian Paints have also set up large manufacturing facilities. Whilst there is significant employment in the said location, residential facilities are lacking and hence Kotak has partnered with IVR Prime to offer entry level residential communities to the workforce in the said area along with supporting social infrastructure. Further, competition remains limited and the subject development would have the first mover advantage.
IVR Prime is a well positioned partner with inhouse execution capabilities, for the subject project which entails development of over 25 mn sft of space over the next 6-7 years. |
