The Chennai based company Shriram Properties has said that it plans to invest Rs 15,000 crore over the next several years for the development of around 30 primarily residential projects across six major cities. The company also has a total land bank of around 1,200 acres earmarked for future projects, across cities. SInce the Budget's focus on affordable housing, and the government decision to define this segment as 'infrastructure', Shriram Properties is targeting this housing demographic since it is likely to see both buyer interest and easing of regulations.
ICICI Prudential is one of the key investors in Shriram Properties, and the company may see an IPO "when the market is right" according to managing director M Murali. The company has raised about $460 million from investors like ICICIPru, Motilal Oswal and others. The company had initially planned an IPO in 2015 with the target of raising Rs. 1,000 crore, but postponed it due to what it perceived as insufficient growth and a weakening housing market.