Srinivasa Shipping & Property Development Ltd has announced that the Board of Directors of the Company at its meeting held on October 20, 2006, inter alia, has considered taking up joint development of serviced residential plots in 23 acres at Mamidipally Village, Ranga Reddy District, near Shamsabad International Airport at Hyderabad. The extent of Company’s shares in the said project is Rs 13 crores.