Srinivasa Shipping-Getting Real

BSE : 530821; CMP Rs 130

 

Chennai based Real Estate Developer Srinivasa Shipping is spreading its reach across the four contiguous Southern States of TN, Andhra, Karnataka and Kerala.

 

In all about 2 mn square feet of Residential and Commercial Property is being developed under Srinivasa Shipping and its Associate Sri Sathya Sai Constructions.   These projects amount to Rs 1800 crore in value and will get concluded over the next three years, with the first two projects the Capital Towers and the Challa Mall, Chennai having been completed.

 

Srinivasa's 200,000 sq feet "Matrix Towers" being built on the IT Express Hi-Way will be completed by the first quarter of FY09, and Alpha City, Chennai's Tidal IT Park by Q4 FY08.

 

Meanwhile work continues on the Chennai Central Mall, being built for Kishore Biyani's Pantaloon, and "The Retreat" complex of villas, apartments and plots being offered in Hyderabad, Bangalore and Munnar, Kerala.

 

 

That apart the following three projects are being taken up under joint-development:

 

1.       Joint development of serviced residential plots in 23 acres of Land at Mamidipally Village , Ranga Reddy District, near Shamsabad International Airport at Hyderabad. Srinivasa Shipping's share in the project is Rs 13 crore.

 

2.       Srinivasa will also set up a residential township on a 90 acre piece of land in Hyderabad alongwith Spire Realty Hyderabad Retreat. The township will bring in FDI under the new norms from US based investors.

 

3.       A JV has been signed with Malaysian Developer Glomac Berhad for a HADA approved township in Hyderabad.

 

In all probability FY09, should turn out to be a Big year for Srinivasa Shipping, and the patient investor should get well rewarded for his forbearance.

courtesy: maverick