SSPDL has signed a Joint Development Agreement (JDA) for the development of premium residential apartments in Prithvi Avenue, Chennai. The total area of the development is about 14,500 square feet with 25% being SSPDL share.

The approximate sale value of the apartments is Rs 320 million and SSPDL's share is Rs 80 million. This project is expected to be completed in about 18 months from the date of necessary approvals.

SSPDL, formerly the Srinivasa Shipping and Property Development established in 1994, is a leading infrastructure and real estate development company in south India.

Shares of the company declined Rs 0.2, or 0.31%, to trade at Rs 64.20. The total volume of shares traded was 1,591 at the BSE (11.07 a.m., Thursday).