TVS Emerald, HDFC Capital create ₹1,000-cr platform for plotted development projects in Chennai & Bengaluru
Emerald Haven Realty Ltd (TVS Emerald), the real estate arm of TVS Motor Company, has signed a term sheet with HDFC Capital Affordable Real Estate Fund–3 to create a ₹1000 crore platform for plotted development projects across Chennai and Bengaluru.
In a press release, Sriram Iyer, President & CEO of TVS Emerald said the company has been developing and delivering projects in Chennai for close to ten years and has entered the Bangalore market with the recent launch of TVS Emerald Jardin and several new land acquisitions. “This is a strategic tie-up to grow our plotted development portfolio in the south markets.”
A subsidiary of Housing Development Finance Corporation Ltd, HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1, HDFC Capital Affordable Real Estate Fund 2 and HDFC Capital Affordable Real Estate Fund 3 Schemes 1 & 2, which are SEBI-registered Category II Alternative Investment Funds. These funds combine to create $ 3.1 billion platform targeting the development of affordable and mid-income housing in India.
Vipul Roongta, MD & CEO, HDFC Capital Advisors Limited, said, through this platform with TVS Emerald, the company will continue our focus on meeting the increasing demand for plotted developments at affordable prices.