Latest News | TVS Emerald, HDFC Capital to Set Up Rs 1,000-cr Platform for Plotted Development Projects in Chennai, Bengaluru

New Delhi, Mar 29 (PTI) Emerald Haven Realty Ltd (TVS Emerald) and HDFC Capital on Wednesday announced setting up a Rs 1,000-crore platform for plotted development projects in Chennai and Bengaluru.

According to a statement, Emerald Haven Realty Ltd has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 (acting through its investment manager HDFC Capital Advisors Ltd), to create a Rs 1,000-crore platform for plotted development projects across Chennai and Bangalore.

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Sriram Iyer, President & CEO, said, "TVS Emerald has been developing and delivering state-of-the-art 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, he added.

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Vipul Roongta, MD & CEO, HDFC Capital Advisors Ltd, said, "HDFC Capital is committed to partnerships with trusted real estate brands with a strong track record of development and delivery."

Through platform with TVS Emerald, he said, "we will continue our focus on meeting the increasing demand for high-quality plotted developments at affordable prices."

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

TVS Emerald has delivered about 2.4 million square feet of residential developments in Chennai and has over 6.25 million sq ft of under development projects.

HDFC Capital, a subsidiary of Housing Development Finance Corporation Ltd, is the real estate private equity arm of HDFC Group.

HDFC Capital is focused on financing the development of affordable and mid-income homes in a sustainable manner.

HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) Schemes 1 & 2, which are registered with SEBI as a Category II Alternative Investment Funds.

These funds combine to create a USD 3.1-billion platform targeting the development of affordable and mid-income housing in India.

(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)