Emerald Haven Realty (TVS Emerald), an associate of TVS Motor, and HDFC Capital Advisors have agreed to create a Rs 1,000 crore platform for plotted development projects in Chennai and Bengaluru.
“This is a strategic tie-up to grow our plotted development portfolio in the south,” Sriram Iyer, chief executive officer of TVS Emerald, said in a statement on March 29.
TVS Emerald, which has developed projects in Chennai for about 10 years, entered the Bengaluru market with the recent launch of TVS Emerald Jardin. Earlier, it acquired three acres of land in an emerging northern Bengaluru suburb to develop a residential project with a revenue potential of Rs 250 crore.
TVS Emerald has delivered about 2.4 million square feet of residential developments in Chennai so far and has over 6.25 million square feet of projects under development.
“Through our platform with TVS Emerald, we will continue our focus on meeting the increasing demand for high-quality plotted developments at affordable prices,” said Vipul Roongta, managing director of HDFC Capital Advisors.
HDFC Capital, a subsidiary of Housing Development Finance Corporation, is the real estate private equity arm of the HDFC Group and is the investment manager to funds that combine to create a $3.1 billion platform for the development of affordable and mid-income housing in India.
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