Realty firm Shriram Properties Ltd on Friday said its wholly-owned subsidiary Shriprop Builders Private Ltd has acquired 100 percent equity of Suvilas Realities Private Ltd, a real estate company based in Bengaluru. Consequently, Suvilas Realities has become a tier 2 subsidiary of the company.

Suvilas Realities is developing a project called Suvilas Palms. This is a high-rise residential apartment project at Jalahalli, Bengaluru, with the development potential of approximately 660 residential units on 6.29 acres of land.

The said project has a revenue potential of Rs 400 crore. Shriram Properties is the development manager for the project.

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The company reported a consolidated net profit of Rs 19.59 crore for the quarter that ended September 30, 2022. Total income jumped nearly three-fold to Rs 275.83 crore in the second quarter of the 2022-23 fiscal year, from Rs 94.23 crore in the corresponding period of the previous year.

Shriram Properties Ltd primarily focuses on the mid-market and affordable housing categories. Its key markets include Bengaluru, Chennai, and Kolkata, which together account for over 88 percent of its development activities.

The company has delivered 33 projects with a saleable area of 19.5 million square feet, mostly in the cities of Bengaluru and Chennai. It has a strong development pipeline comprising 54 projects with an aggregate development potential of 54 million square feet, as of September 30, 2022.

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Shriram Properties, which is part of the Shriram Group, got listed on the stock exchanges in December last year.