Chennai, Mar 29 (PTI) Realty major Emerald Haven Realty Ltd (TVS Emerald) has signed a term sheet agreement with HDFC Capital Affordable Real Estate Fund-3, the city based company said on Wednesday.

The two companies have come together to create Rs 1,000 crore platform for plotted development projects across Chennai and Bengaluru markets.

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TVS Emerald, an associate of TVS Motor company, is engaged in the business of developing sustainable residential projects and self-sustaining communities with presence in Chennai and Bengaluru.

HDFC Capital Affordable Real Estate Fund-3 is acting through its investment manager HDFC Capital Advisors Ltd.

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"TVS Emerald has been developing and delivering state-of-the-art projects in Chennai for close to 10 years and has entered the Bengaluru market with the recent launch of TVS Emerald Jardin and several new land acquistions. This is a strategic tie-up to grow our plotted development portfolio in the South markets," Emerald Haven Realty Ltd president and CEO Sriram Iyer said.

HDFC Capital Advisors Ltd managing director and CEO Vipul Roongta said, "through our platform TVS Emerald, we will continue our focus on meeting the increasing demand for high-quality plotted developments at affordable prices."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)