TVS Emerald, HDFC Capital sign housing deal in Chennai, more in the works

TVS Emerald Elements project is located in Chennai’s Kovilambakkam and comprises 820 homes.

Real estate developer TVS Emerald has closed one joint venture deal with HDFC Capital in Chennai and further deal closures are ongoing, Moneycontrol has learnt.

"One deal has been signed so far in Pudupakkam, Chennai. Other deals are currently under discussion," officials privy to the developments said.

Both companies are looking forward to investing in suitable land parcels across Chennai and Bengaluru. The transaction sizes of the projects will range from Rs 50 crore -200 crore and will be tailored to suit the mid-segment housing market.

TVS Emerald has confirmed the developments to Moneycontrol. A list of queries has been sent to HDFC Capital.

Last month, TVS Emerald opened the sale of 662 housing units in Chennai worth Rs 600 crore. Spread over approximately 6.56 acres, the residential community is located on the 200 ft Radial Road in Kovilambakkam. Consisting of 820 homes, it is built over a total saleable area of 9.96 lakh sq ft. Buyers have an option of 2 and 3 BHK homes, ranging from 934 sq ft to 1,653 sq ft, at prices starting from Rs 68.99 lakh.

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Sub Editor|Moneycontrol

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And in March, TVS Emerald acquired three acres of land in an emerging northern Bengaluru suburb for the development of a residential project with a revenue potential of Rs 250 crore.

To date, the company has delivered about 2.4 million square feet (msf) of residential developments in Chennai and Bengaluru and has over 6.25 msf of under development.