Emerald Haven Realty (TVS Emerald) has signed an agreement with HDFC Capital Affordable Real Estate Fund 3 to create a Rs 1000-crore platform for plotted development projects in Chennai and Bengaluru.
TVS Emerald, an associate of TVS Motor, develops sustainable residential projects and self-sustaining communities. HDFC Capital is acting through its investment manager HDFC Capital Advisors for the agreement.
“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," said Sriram Iyer, president and chief executive officer of TVS Emerald.
“HDFC Capital is committed to partnerships with trusted real estate brands with a strong track record of development and delivery. 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 and chief executive officer, HDFC Capital Advisors.
TVS Emerald has delivered about 2.4 million square feet of residential developments in Chennai and it has more than 6.25 million sq ft of projects under development. HDFC Capital, a subsidiary of Housing Development Finance Corporation Ltd, is the real estate private equity arm of HDFC Group.
HDFC Capital is associated with the government’s ‘Housing for All’ initiative and finances the development of affordable and mid-income homes. HDFC Capital said it promotes new technologies in the real estate sector by investing in and partnering with companies.
